Nigerian mobile-payments platform OPay has reportedly raised $400m in a new funding round led by SoftBank Vision Fund 2 at a valuation of $2bn.
This is the first investment by SoftBank Vision Fund 2, which is managed by SoftBank Investment Adviser, in an African startup, Bloomberg reported.
Go deeper with GlobalData
The round was joined by existing investors Redpoint China, Sequoia Capital China, Source Code Capital and Softbank Ventures Asia.
It also had participation from investors including DragonBall Capital and 3W Capital.
Launched in June 2018, OPay is a mobile money platform. Its technology is developed to help local governments ‘improve financial and information security’ by replacing cash and other payment methods.
Licensed by the Central Bank of Nigeria, OPay’s transaction volumes are claimed to exceed $3bn monthly.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOPay CEO Yahui Zhou told the new agency in an emailed statement: “We want to be the power that helps emerging markets reach a faster economic development.”
The firm is currently working to expand to other African countries. It is also eyeing further expansion in the Middle East, following its recent entry into Egypt.
SoftBank Group managing director and SoftBank Investment Advisers former managing partner Kentaro Matsui said: “We believe our investment will help the company extend its offering to adjacent markets and replicate its successful business model in Egypt and other countries in the region.”
OPay also offered ride-hailing and logistics services via its platform. However, the firm pulled plugs on the ride-hailing and bike-sharing businesses last year, following the outbreak of Covid-19 pandemic.
Last month, South African payments and software platform Yoco secured $83m in Series C funding, taking its total funding raised so far to $107m.
