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OPay Secures $50m Funding to Further Deepen Services in Nigeria

Tech Gist Africa by Tech Gist Africa
07/11/2019
in Africa, Africa News, News
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OPay Secures $50m Funding to Further Deepen Services in Nigeria

Photocredit: techcrunch.com

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Mobile payment platform, OPay has secured the sum of $50 million in a bid to deepen its services in Nigeria and also expand further into new markets in Africa.

Opera founded startup OPay raises $50M for mobile finance in Nigeria1: https://t.co/3qll01ndYD

— Juan Iraola (@juaniraola) July 10, 2019

The funding round was led by IDG Capital, Sequoia China, Source Code Capital, Meituan-Dianping, GSR Ventures and Opera Limited. OPay will leverage the funds to deepen its services and strengthen its position in Nigeria, and also expand to more African markets.


See also: Off Grid Solar Firm D.Light Secures $18 Million Funding, plans to Expand Across Africa


Pay is a mobile payment platform that aids its subscribers to perform financial transactions. OPay which is owned by popular browsing platform Opera supports Opera’s growing commercial network in Nigeria, like; ORide—on-demand motorcycle ride-hail app and OFood— delivery service.

Since its inception in 2018, the OPay app has been able to scale to about 40,000 active agents with up to $5 million daily transaction volume. OPay’s $50 million funding round will also be a means to boost Nigeria’s digital financial inclusion.

This round will place OPay and other Opera-supported products on a strategic edge with other ride-hailing, food delivery and fintechs in Africa. It could also boost competition between Opera and Jumia–Africa’s largest e-commerce company.

 

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