This archive report was first published on 20 November 2019.
On November 17, 2019, Opay, Opera's fintech platform for Nigeria, announced a $120 million Series B round to expand its product portfolio and operations across Africa.
The funding round was led by Chinese investors Meituan-Dianping, GaoRong, Source Code Capital, Softbank Asia, BAI, Redpoint, IDG Capital, Sequoia China, and GSR Ventures, according to a report by TechCrunch.
Opay plans to use the funds to scale its operations in Nigeria and launch its services in Kenya, Ghana, and South Africa. The firm had previously raised $50 million in June to double down on Nigeria.
“We see ourselves as a key contributor to helping local businesses thrive,” said Opera CEO and Opay Chairman Yahui Zhou in a statement to TechCrunch.
Following the raise, Opay has launched OCar, an Uber and Bolt killer, starting in Lagos, Owerri, Port Harcourt, Abuja, and Benin, adding to its OBus, ORide, OFood, OList, OTrike, and OLeads.
Opay aims to be used for almost everything in Nigeria, with loans being just the start. The firm sits at the center of Africa's most used transportation system, the motorcycle, which is also affordable compared to cars.
