Nigerian Fintech Opay Raised $400 Million to Expand its Growth

The Nigerian fintech startup company Opay raised $400 million in new financing led by SoftBank. 

The company started with providing customers with digital services in their everyday life, from mobility and logistics to e-commerce and fintech at cheap rates. 

OPay allows unbanked and underbanked users in Nigeria to send and receive money and pay bills through a network of thousands of agents. 

OPay CEO Yahui Zhou said in a statement, “wants to be the power that helps emerging markets reach a faster economic development”,  

Tech Crunch reported the company’s parent firm Opera reported that OPay’s monthly transactions grew 4.5x to over $2 billion in December last year. OPay also claims to process about 80% of bank transfers among mobile money operators in Nigeria and 20% of the country’s nonmerchant point of sales transactions.

Opay was founded in 2018 and had an exclusive presence in African’s most populated country Nigeria. 

Please follow and like us:

Leave a Reply

Your email address will not be published.

Social Share Buttons and Icons powered by Ultimatelysocial