Fintech Startup OPay Backed by Opera Gets $120M Investment to Expand Its Africa Operations

OPay has now secured $170 million in 2019 to push the adoption of Fintech throughout Africa.

OPay, headquartered in Lagos, Nigeria has raised $120M from a horde of high-profile Chinese venture capitalists as part of its series B round of financing. OPay was launched in 2018 by Opera, the web browser primarily focuses on creating digital compensation solutions that can be used to enhance financial inclusion.

According to what the company’s official spokesperson communicated to Cointelegraph, OPay had earlier on in the year raised a total of $50 million as part of its series A round of financing.

Payment Solution to be Expanded Across Africa

OPay from Opera has indicated that there are plans to use the $120 million raised in its second round of financing to assist it to extend and scale its services beyond Lagos, to other African countries such as South Africa, Ghana, and Kenya, according to TechCrunch report published on November 18th.

The series B round of financing is said to have involved high-profile financiers such as Softbank Asia, GSR Ventures, Sequoia China, Redpoint, IDG Capital, BAI, Source Code Capital, and GaoRong. According to TechCrunch:

“Since its initial round of financing held in June, its operations in Nigeria have grown to include a total of 140,000 active agents and has so far managed to hit a daily transaction volume of $10 million.“

Opera Backing

Opera is a Norway-based software developer. A large percentage of its owners are of Chinese origin. The developer is active in both the African consumer market as well as in the cryptocurrency sphere. Opera, its web browser by the same name happens to be the second most popular browser in the African market, coming second to Chrome developed by Google, according to data prepared by Statcounter.com for the year 2018/19.

The software developer is known to actively pursue web 3.0 development including the integration of a payment function in both its PC and mobile products.

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