TechBookyBusiness
No Result
View All Result
Tuesday, July 5, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Funding

OPay Plans To Raise $400m From Investors To Move On With Expansion Plans

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
May 27, 2021
in Funding, Venture Capital
Share on FacebookShare on Twitter

Opay; an African fintech company, has declared plans to raise $400 million from investors. OPay is one of the biggest fintech companies in Africa and is valued at$1.5 billion.

While Opay is an Africa-focused company, it is backed majorly by Chinese investors. The Nigeria-based fintech is backed by Chinese companies like Meituan, a multi-billion-dollar Chinese shopping platform.

Since its launch in 2018, Opay’s performance in Nigeria has been quite impressive, and the new push for funding can only mean that the company has bigger plans.

In July 2019, OPay raised $50 million from Sequoia Capital, IDG Capital, Source Code, GSR Ventures, and Meituan-Dianping. Opera itself also invested in the round. Four months later, OPay raised a massive $120 million in a Series B round.

The $170 million raised so far came from mainly Chinese investors who have collectively begun to bet big on African startups over the past few years. Some of them include SoftBank, Sequoia Capital China, IDG Capital, SoftBank Ventures Asia, GSR Ventures, and Source Code Capital.

With this new fundraising which is coming two years after, OPay is looking to raise funding to finance its expansion plan, having expanded to Egypt this year.

No doubt, OPay owes its staggering growth to the pandemic. Covid-19 protocols, such as social distancing made banking halls challenging to access, and this compelled people to rely on mobile money services. The company also has plans to roll out debit and credit cards.

At one time, OPay seemed to be the only company growing its agent network, other rivals have now tapped into the same network. Telcos like MTN and Airtel, with operations in multiple African countries, are spinning off mobile money service arms as billion-dollar businesses to compete as well.

Mobile money services have long catered to the needs of the underbanked, and per GSMA, Africa had more than 160 million active mobile money users generating over $495 billion in transaction value last year.

Fintech is arguably the most promising digital sector in Nigeria, Africa’s most populous country, as a large share of people in the country are either underbanked or unbanked. This leaves fintech upstarts like OPay to capture as much market share as possible.

It will be interesting to see Opay’s plans unfold after this funding round is completed.

Total
0
Shares
Share 1
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Nigeria's Opay Gets Listed On CB Insight's Top Global 250 Fintech Companies, It Is The Only African Fintech To Make The List
    Nigeria's Opay Gets Listed On CB Insight's Top Global 250…
  • Nigeria’s OPay Raises $400m At A Valuation Of $2 Billion In Softbank-led Round
    Nigeria’s OPay Raises $400m At A Valuation Of $2 Billion In…
  • Opera Releases Q4 Earnings, Says It's Subsidiary Opay Processed Transactions Over $2b
    Opera Releases Q4 Earnings, Says It's Subsidiary Opay…
  • Know Your Unicorns: Everything About Africa’s Most Valued Startups
    Know Your Unicorns: Everything About Africa’s Most Valued…
  • Our List Of African Startups To Watch Out For In 2022
    Our List Of African Startups To Watch Out For In 2022
  • Flutterwave Is Now Valued At $3 Billion After A $250 Million Series D Round
    Flutterwave Is Now Valued At $3 Billion After A $250 Million…
  • Pan-African VC Fund Launch Africa Raises $36.3 Million Funding To Invest In B2B And B2B2C African Startups
    Pan-African VC Fund Launch Africa Raises $36.3 Million…
  • UK's Fintech Farm Raises $7.4 Million In Seed Funding, Plans To Launch Neobanks In Nigeria And Other Emerging Markets
    UK's Fintech Farm Raises $7.4 Million In Seed Funding, Plans…
Tags: capitalfintechopay
Previous Post

WhatsApp Is Challenging The Indian Government In A Lawsuit

Next Post

Twitter Is Concerned About The Safety Of Its Staff After Police Raid

Next Post
Twitter Is Concerned About The Safety Of Its Staff After Police Raid

Twitter Is Concerned About The Safety Of Its Staff After Police Raid

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year
  • June Was Bitcoin’s Worst Month On Record After The Flagship Crypto Lost 40 Percent Of Its Value

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year
  • June Was Bitcoin’s Worst Month On Record After The Flagship Crypto Lost 40 Percent Of Its Value
  • Nigerian Mobility Startup Moove Gets $20 Million From The UK Government’s Development Finance Institution – British International Investment (BII)

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$19,421.45-1.60%
  • ethereumEthereum(ETH)$1,100.46-0.65%
  • tetherTether(USDT)$1.00-0.15%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • binancecoinBNB(BNB)$224.810.50%
  • Binance USDBinance USD(BUSD)$1.00-0.08%
  • rippleXRP(XRP)$0.316580-1.94%
  • cardanoCardano(ADA)$0.449578-3.60%
  • SolanaSolana(SOL)$33.56-2.19%
  • dogecoinDogecoin(DOGE)$0.066111-2.53%
  • polkadotPolkadot(DOT)$6.71-3.99%
  • Shiba InuShiba Inu(SHIB)$0.000010-1.89%
  • AvalancheAvalanche(AVAX)$16.79-3.44%
  • matic-networkPolygon(MATIC)$0.4964735.20%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....