The Opera-backed Fintech startup has done it again as it takes a boost with an additional $120 million in series-B seed funding
Led by Chinese investors, the Opera-backed fintech startup- OPay was able to win for itself another $120 million in addition to the initial $50 million that was raised towards the ending of Q2, 2019. As a result of the latest funding, the company now boasts of overall funding close to $200 million, all aimed at developing its mobile money business in Nigeria.
Some of the Chinese investors that were responsible for the seed-tithing include popular names like Sequoia China, IDG Capital, and Source Code Capital. Others who also took part in the funding include Softbank Ventures Asia, Meituan-Dianping, DragonBall Capital, GaoRong Capital, and GSR Ventures– all of which made up the nine investors for the funding round.
The series-B funding, if compared to that of June, saw more investors– nine in total, where the previous funding was only backed by six investors. Also, the series-B funding marks the second for the year, and it is the biggest so far since the company arrived in Nigeria earlier this year.
OPay who has shown interest in the pursuit of fast growth has started in other verticals including OLoan, OWealth, OTrek, among others, to drive mass adoption on its payments platform. Just a few days ago, the platform added another service- OCar, a ride-hailing service that will compete with the likes of Uber and Taxify in the Nigeria market.
As for the money raised in the new funding series, Opera’s CEO and OPay’s chairman, Yahui Zhou disclosed that the amount would be used to launch operations in other African countries including the likes of Ghana, Kenya, and South Africa. Additionally, Opera is of the opinion that the latest funding round will help further accelerate its expansion across its multiple verticals, especially those with high-frequency use like transportation, food, and other daily priority services.
Meanwhile, Opay on its website hinted about an upcoming credit card called “OPay Payment Card’, and according to what was written on the website, the users will be able to have either a Mastercard or Visa card. “With your OPay Mastercard and Visa cards, you will be able to pay online for goods and services in select countries globally.” the post reads.
So far, the fintech platform has proven to be the most lucrative in the industry, and the question is that will they be able to sustain all of their services on a long term basis, considering that OBus, one of its verticals, recently stopped operation in Lagos state, although rumors have it that it was mainly because of the ‘Agbero’s’- National Union of Road Transportation Workers- NURTW– which have posed as a great threat to the business module. However, unconfirmed sources also informed that there is a restructuring ongoing, and it suggest that the OBus will now function as inter-state transit instead.