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Led by SoftBank, Nigeria’s OPay raises $400m at $2bn valuation

Led by SoftBank, Nigeria’s OPay raises $400m at $2bn valuation
August 27, 2021 ObadeYemi

Nigeria-based mostly mostly OPay has secured $400 million in a brand contemporary funding spherical led by SoftBank Imaginative and prescient Fund, the endeavor capital arm of Eastern conglomerate, SoftBank.

Potentially the most contemporary funding brings investments to this level in OPay to $570 million and values the Nigerian mobile funds platform at $2 billion. It is miles the single-ideally suitable investment spherical secured by an African-based mostly mostly startup and marks the critical investment in a startup on the continent by the SoftBank Imaginative and prescient Fund.

Other people in the spherical are mainly Asian investors, who are extra and extra having a wager mountainous on African startups. They encompass Sequoia Capital China, DragonBall Capital, Redpoint China, Source Code Capital, SoftBank Ventures Asia, and 3W Capital. 

“We want to be the vitality that helps emerging markets reach faster financial style,” OPay’s Chief Govt Officer, Yahui Zhou, said.

OPay operates in a competitive fintech residence, where others love Paga and TeamApt are equally working to amplify their market share as they map to bring financial companies to the thousands and thousands of unbanked Nigerians.

Founded in 2018, OPay raised two investments in 2019; $50 million in June and a $120 million Sequence B in November. 

OPay beforehand offered whisk-hailing and logistics companies as smartly nonetheless shut down the extinct last 365 days attributable to a govt ban on motorcycles in Lagos.

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The fintech firm experienced stellar deliver at some stage in the worldwide pandemic lockdown last 365 days with the price of its foul transactions rising by 4.5x to over $2 billion in December. 

Currently, the corporate’s monthly transaction volumes exceed $3 billion, pushed by its tough community of 300,000 brokers and 5 million registered app customers.

OPay plans to expand to other African nations besides to level of interest on the Heart East.

Makes an strive to enter South Africa and Kenya haven’t been successful, which it blames on the Covid crisis, even though the corporate has entered North Africa with a store in Egypt.

Final 365 days, OPay printed the acquisition of an worldwide money transfer license, besides to to a WorldRemit partnership it said used to be in the works.

“We imagine our investment will relieve the corporate lengthen its offering to adjacent markets and replicate its successful industry model in Egypt and other nations in the gap,” SoftBank Imaginative and prescient Fund’s managing accomplice, Kentaro Matsui, said on the investment in OPay.

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