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Business News

OPay secures $50 million capital raise from Chinese investors

Founded by Norwegian browser firm, OPay has secured a $50 million funding from Sequoia China, IDG Capital, and Source Code Capital.

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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.

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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.

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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.

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    Business News

    Lagos commences enforcement against building collapse, substandard materials

    The state government has moved to actualize its vision of zero tolerance for building collapse.

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    The Lagos State government said that it has commenced aggressive enforcement against quackery in construction to end building collapse in the state as it called for the support of building professionals.

    This is as the state government has moved to actualize its vision of zero tolerance for building collapse.

    This disclosure was made by the General Manager of Lagos State Materials Testing Laboratory (LSMTL), Mr Olufunsho Elulade, at its inaugural stakeholders’ conference with the theme, ‘Construction, Material Quality Control and Assurance in Lagos State, on Tuesday in Lagos.

    According to a report from the News Agency of Nigeria (NAN), Elulade identified the use of substandard building materials and lack of adherence to quality assurance standards as the major causes of building collapse in the state.

    He said the agency will immediately start standard enforcement in the building construction value chain to ensure the use of the right materials.

    Elulade said, “We are, hereby, using this medium to state the terms of operations with all our stakeholders across the state; we want to partner with you to move the state forward in order to have safer Lagos for the benefit of all.’

    He emphasized the importance of doing away with the menace of quackery, substandard materials and corruption in the construction sector.

    The LSMTL boss outlined the various services offered by its laboratory which includes soil tests, water quality assessment, calibration, destructive and non-destructive tests, among others.

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    While launching the new logo of the agency, Elulade, pointed out that it was a strategy to eliminate quacks and private laboratories using the agency’s old logo to impersonate its operations and mislead the public.

    Also, the Public Relations Officer, Nigerian Institute of Builders (NIOB), Lagos Branch, Mr Olusesanayo Philip said the institute would sustain its public sensitisation campaign adding that the institute was also partnering with LSMTL to sensitise the public on the need to engage professional builders to tame the monster of building collapse in Nigeria.

    What this means

    The enforcement against quackery and the use of substandard materials in the construction value chain by the Lagos State government will come as a huge relief to residents and a boost to its fight against building collapse.

    There have been numerous building collapse incidents in various parts of the state with attendant human casualties, due to the use of substandard materials or non-compliance with the state’s building planning laws and standards.

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    Business

    Burger King to open first outlet in Nigeria by Q4 2021

    Burger King is expected to employ about 6,000 people (direct and indirect) in Nigeria between 2021 and 2026.

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    Burger King

    Burger King, an American multinational hamburger fast food chain, is expected to start its operations in Nigeria by the fourth quarter (Q4) of 2021.

    The company is also expected to employ about 6,000 people (direct and indirect) in the country between 2021 and 2026, other things being equal.

    These were disclosed by Antoine Zammarieh, the Franchisee of Burger King in Nigeria and Managing Director, Allied Food & Confectionary Services Limited, in an interview with Nairametrics on Tuesday.

    He said, “Burger King will start operations by Autumn, i.e between September and November 2021. We have set up the Quality Control unit and have met some of our local suppliers to seal the deal. Also, we have sent some of the ingredients to America to test quality.

    As a company, we are delighted to enter this new market being the largest country in Africa and are looking forward to serving our future guests with our world-famous Burger King meals.

    Most importantly, our goal is to positively contribute to the economy by creating more jobs and employment opportunities. In five years, we hope to directly or indirectly employ between 5,000 and 6,000 people in Nigeria.”

    Zammarieh added that the hamburger maker, in a show of interest in the Nigerian market, had signed a development agreement for the Nigerian market.

    He explained that the development agreement of the chain in Nigeria, which was recently signed, would give more confidence to the Nigerian market and consumers in general, especially during these hard times.

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    What you should know

    Nairametrics had reported, three weeks back, when Zammarieh said, “I always believed in Nigeria and in its people. I am confident this venture will go a long way and prove successful for Burger King, Nigeria, and our company.”

    “I believe this will be a tremendous step towards giving more confidence to the Nigerian market and consumers in general.”

    What to expect

    The first outlet of the hamburger chain in Nigeria is expected to be launched in Lagos.

    The Florida-based restaurant chain is set to join the likes of Dominos Pizza, Krispy Kreme, KFC, and Chicken Republic (pieXpress) in a stiff competition for market share and dominance in a saturated market, with hundreds of other traditional restaurant chains.

    Burger King is expected to dig deep into its quiver of strategies to ensure an impressive performance and success in its first year of operation, as other players have been having it tough following their respective launches into the Nigerian market.

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    The COVID-19 pandemic however has affected the fast-food industry severely, as the disruption to the industry’s supply chain, especially the on-trade channel, which accounts for a significant percentage of restaurant sales, triggered declines in their profits in 2020.

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