OPay Raises $400M in Series C Funding for Digital Finance in Africa and the Middle East
OPay has raised $400M in ‘series C’ funding to enhance its market position in Nigeria, Egypt and expansion throughout Africa and the Middle East.
Lagos, Nigeria | August 25, 2021.
OPay, one of the largest payment services in Africa, today announced that it has raised $400M in a Series C funding round led by SoftBank Vision Fund 2*. Notable investors in this round of financing include DragonBall Capital (The Investment fund backed by Meituan), Sequoia Capital China, Source Code Capital, SoftBank Ventures Asia, Redpoint China, and 3W Capital. With this investment, OPay has become Africa’s latest fintech unicorn at $2B valuation.
“At OPay we always put our clients first, and we never stop upgrading our products and service to create long-term value for our clients. We will always keep our mission in mind, and fight to improve the financial efficiency in emerging markets through AI and other technological innovations. We want to be the power that helps emerging markets reach a faster economic development.” Commented by Yahui Zhou, CEO of OPay.
OPay will use the new capital to strengthen its market position in Nigeria and Egypt, and accelerate its expansion to other countries in Africa and the Middle East — as both regions have seen the largest addition in registered accounts in absolute terms over the last five years, notably Africa’s dominant position with millions active users across the continent and transaction value worth at staggering $490B.
Kentaro Matsui, Managing Director at SoftBank Group and former Managing Partner at SoftBank Investment Advisers, said, “OPay is the leading payments platform in Nigeria, using app-based technology to leapfrog legacy methods to pay for goods and services. We believe our investment will help the company extend its offering to adjacent markets and replicate its successful business model in Egypt and other countries in the region. We are excited to partner with Yahui Zhou and the OPay team.”
SoftBank Group first invested in OPay through SoftBank Ventures Asia, its venture capital arm, in 2019 and has continued to support OPay’s growth initiatives through the years.
OPay is a fast-growing mobile payment fintech company that focuses on Africa and Middle East markets. OPay has reached great growth in the past 3 years and has become one of the largest fintech companies in Africa and the Middle East, reaching a significant market position in key markets including Nigeria and Egypt. OPay provides offline payment, online payment, and digital wallet service for clients through AI, big data and other fintech innovations.
OPay launched its mobile payment service in Dec 2018 and kept launching new functions in order to provide convenient financial service to the large population in Africa that does not own bank accounts. Currently, OPay’s monthly transaction value has surpassed $3B. OPay is helping emerging countries transform into a cashless society through digital payment solutions, and to help local governments improve financial and information security.
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 (“SVF 2”) in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.