OPay secures $50 million capital raise from Chinese investors

OPay, a mobile payments startup founded by Norwegian browser firm, Opera, has secured a $50 million funding from three Chinese companies – Sequoia China, IDG Capital, and Source Code Capital, with Opera also joining the round in the payments venture it created. The fund is the first of its kind for the company since its establishment.

(READ MORE: DEAL: Jumia has sold its real estate assets portal to EMPG’s Mubawab)

Deployment of the fund:The startup, which is at the moment trying to penetrate the African market, will use the capital primarily to grow its digital finance business in Nigeria, Africa’s most populous nation and arguably the largest economy on the continent.

yahui zhou, OPay, Opera
Opera CEO, Yahui Zhou

With the fund, OPay will also support Opera’s growing commercial network in Nigeria, which includes motorcycle ride-hail app, ORide, and a food delivery service portal, OFood.

The fund is also poised to position Opera towards becoming a multi-service commercial internet platform in Africa. This, it was gathered will be made possible through its product offerings.

“Geographic expansion of OPay and other services is a key part of our plans,” Opera CEO, Yahui Zhou said.

OPay’s milestone: OPay’s parent company, Opera, experienced a leadership change in 2016 after it was acquired by a consortium of Chinese investors, led by current Opera CEO, Zhou.

Barely a year after its establishment, Opay has recorded significant growth in its number of users and transactions.

(READ ALSO: ORide Launches in Nigeria, Offers Amazing Prices.)

On the payments side, the company has scaled to 40,000 active agents and $5 million in daily transaction volume.

About OPay: It is a payment platform developed by Opera Software. The platform enables users to shop and pay for services and products through their phones.

OPay is currently available as an Android application and support card payments with Mastercard and Visa, as well as transfers from banking apps.

It is a subsidiary of Opera Software, the maker of Opera Mini.

(READ FURTHER: One year on, Gokada raises $5.3 million in first ever Series A funding)

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

1 COMMENT

  1. It is indeed an exciting and productive innovation. Am proud to know about Opay and also am excited to be opportune to a member that spread the news through download of Opay applications to the public in Lagos and also a citadel that trained the Third party riders(O’ street) am proud to be Opay

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