OPay, An African fintech Start-up owned by Opera has been able to generate $120 million in a Series B funding round which had the Chinese investors IDG Capital, Source Code Capital, and Gaorong Capital as participants.
Chief Financial Officer of OPay, Frode Jacobsen hinted to TechCrunch that they intend to utilize the funding it has generated in growing their scale of operation in Nigeria whilst boosting its presence in Ghana, Kenya, and South Africa
The fintech Start-up was established in 2018 by Opera and has its headquarters in Lagos, Nigeria. The company generated about $30 million in a Series A funding round in May and another £50 million through a June venture round.
Yabui Zhou, the chairman and CEO of Opera Limited says; “By incubating OPay and supporting the company through its rapid acceleration, Opera has also demonstrated its ability to leverage its brand and consumer reach to create attractive, fast-growing businesses on the African Continent”
“We are highly pleased by the team’s results and are excited to continue supporting OPay as the journey continues”
Opera, which is the second most popular web browser in Africa after Google Chrome is majority-owned by Chinese firms. Its headquarters is in Norway and it has produced several other products within the African continent such as advertising, taxi ride apps, and delivery services.
Qingsheng Zheng, a partner at Sequoia China says; “OPay has successfully built a leading mobile payment business in Nigeria in a short period of time.”
“We are excited to be part of its continued growth, as it provides access to better mobile banking services for Nigeria’s 200 million (people), and expand into new areas.”