OPay’s $120m series B round boosts fund chest to almost $200m

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November 18, 2019
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1 min read

Opera’s payment platform, OPay, has raised $120 million in a series B investment round, led by Chinese investors, putting the total funds raised since launch in May 2018 at about $200 million.

This round had nine investors compared to the $50 million raised in June 2019 by five investors.

According to a report by Techcrunch, this was confirmed by Opera’s CFO, Frode Jacobsen, who disclosed that the fund would be deployed towards OPay’s high-frequency use services like transportation, food, and other daily priority services.

Opera’s CEO and OPay’s chairman, Yahui Zhou, also confirmed in a statement that the fund would facilitate OPay’s expansion into African countries with favourable fintech ecosystems including Ghana, South Africa, and Kenya.

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Apparently, this recent trend indicates that Chinese investors’ interests have piqued towards the African startup space, especially in fintech. Fresh instances being PalmPay’s $40 million seed fund from Transsion earlier in the month, Lori Systems raising a combined $240 million from Chinese investors and GONA raising a multi-million dollar Pre-A with participation from Shaka VC.


Suggested Read: This Chinese VC fund has invested in 6 startups across Lagos, Nairobi


In barely two years since entering the Nigerian market, OPay has not only competed against other payment startups, it also plays in ride-hailing and food delivery, quick loans, online betting and savings.

Human enthusiast | Writer | Senior reporter | Podcaster. Find me on Twitter @Nifemeah.
Human enthusiast | Writer | Senior reporter | Podcaster. Find me on Twitter @Nifemeah.
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Human enthusiast | Writer | Senior reporter | Podcaster. Find me on Twitter @Nifemeah.

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