NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, November 25, 2019

By Eudora Wang

Africa-focused fintech startup OPay has secured $120 million in a Series B financing round mainly from Chinese investors.

Meituan-Dianping and its investment fund DragonBall Capital, Gaorong Capital, Source Code Capital, SoftBank Ventures Asia, Bertelsmann Asia Investments, Redpoint China, IDG Capital, Sequoia Capital China and GSR Ventures all took part in Series B, according to a statement released late on Monday.

Chinese interest in the African fintech sector has been growing in recent years. OPay raised $50 million in June in a round led by Chinese investors. This most recent fundraising follows a $40 million investment by Lagos-based payments startup PalmPay, led by China’s Transsion.

Photo courtesy of lirneasia.