Fintech Startup OPay Raises $120M From Chinese Investors

Opera web browser’s, Africa Fintech startup OPay has sealed $120 million in a Series B financing round from a host of high-profile Chinese investors.

Found in 2018, OPay focuses on developing digital payment solutions to promote financial inclusion. It previously raised $50 million in June this year.

Payment Solutions Across Africa

On Nov. 18, TechCrunch reported that OPay reportedly intends to use the new Series B $120 million round to scale and extend its digital payments solution beyond Nigeria to Kenya, Ghana, and South Africa

The round reportedly included big-name venture capital investors such as:

  1. Sequoia China

  2. Softbank Asia

  3. IDG Capital

  4. Meituan-Dianping

  5. GaoRong

  6. Source Code Capital

  7. BAI

  8. Redpoint

  9. GSR Ventures.

According to TechCrunch, since its Series A $50 million round, OPay’s business in Nigeria has grown to 140,000 active agents and hit $10 million in daily transaction volume.

Backing From Opera Browser

Opera is highly active in the crypto space in the African consumer market. The web browser is the second most widely used on the African continent, after Google’s Chrome, according to 2018-2019 data from Statcounter.com.

In recent years, the company actively pursued web 3.0 development and progressively integrated crypto wallet and payments-functionality into its mobile and desktop products

“Web 3.0” was initially coined to refer to efforts to develop a semantic internet. It is increasingly used to refer to the evolution of a more intelligent, open and distributed web, which could integrate the use of blockchain, decentralized computing, and cryptocurrencies.

Source: TechCrunch | Cointelegraph

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