May 28

African Fintech Opay Is Reportedly Raising $400 Million at Over $1.5 Billion Valuation

By Kene-Okafor

Chinese-backed and Africa-focused fintech platform OPay is in talks to raise up to $400 million, The Information reported today. The fundraising is coming two years after OPay announced two funding rounds in 2019 — $50 million in June and a $120 million Series B in November.

The $170 million raised so far came from mainly Chinese investors who have collectively begun to bet big on African startups over the past few years. Some of them include SoftBank, Sequoia Capital China, IDG Capital, SoftBank Ventures Asia, GSR Ventures and Source Code Capital.

Photo courtesy of lirneasia.

Source: TechCrunch (link opens in a new window)

Finance, Technology
financial inclusion, fintech