OPay raises $50 million in funding
Mobile payment platform, Opay has raised $50 million in funding.
Sequoia China, IDG Capital and Source Code Capital led the investment in the Africa focused mobile payments startup founded by Norwegian browser company, Opera.
Although the stage designation was not given, the capital which also included founding company—Opera—would most likely be used to grow its finance business in Nigeria. The platform will also support the company’s growing commercial network in Nigeria, which includes ride-hailing app, ORide and OFood delivery service.
According to reports, OPay in Nigeria has scaled to 40,000 active agents and $5 million in transaction volume in 10 months.
On the payments side, OPay in Nigeria has scaled to 40,000 active agents and $5 million in transaction volume in 10 months. Opera CEO Yahui Zhou explained that geographic expansion of OPay and other services is a key part of our plans.
Only time would tell how OPay and its Opera supported suite of products would compete with other ride-hail, food-delivery, and payments startups across the continent. It could also mean competition between Opera and Africa’s largest multi-service internet company, Jumia.
Cover photo credits: Techcrunch
