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.
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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.