Opera-owned OPay raises $120m in Series B funding round
African fintech start-up OPay has raised $120 million in a Series B funding round featuring Chinese investors including IDG Capital, Source Code Capital and Gaorong Capital.
OPay plans to use the new funding to increase its scale in Nigeria and boost its presence in Kenya, Ghana, and South Africa, chief financial officer Frode Jacobsen told TechCrunch.
Headquartered in Lagos and founded by internet company Opera, OPay was founded in 2018 and raised £50 million in a June venture round, plus $30 million in a Series A funding round in May.
Chairman and CEO of Opera Limited, Yahui Zhou, says: “By incubating OPay and supporting the company through its rapid acceleration, Opera has also demonstrated its ability to leverage its brand and consumer reach to create attractive, fast-growing businesses on the African continent.”
“We are highly pleased by the team’s results and are excited to continue supporting OPay as the journey continues.”
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Norway-headquartered Opera is majority owned by Chinese firms, and is the second-most used internet browser in Africa after Google Chrome. It has created a series of offshoot products in the continent, including delivery services, advertising, and taxi ride apps.
Qingsheng Zheng, partner at Sequoia China, adds: “OPay has successfully built a leading mobile payment business in Nigeria in a short period of time.”
“We are excited to be part of its continued growth, as it provides access to better mobile banking services for Nigeria’s 200 million [people], and expands into new areas.”