The Latest Marker of Chinese Interest in African Fintech Is a $120 Million Funding Round for OPay

Tuesday, November 19, 2019

By Yomi Kazeem

Chinese interest in African fintech has just stepped up another gear.

OPay, the payments service operating in Nigeria, has raised $120 million in a Series B round led mainly by Chinese investors including familiar names like Sequoia China, IDG Capital and Source Code Capital. The round also included participation from Softbank Ventures Asia, Meituan-Dianping, DragonBall Capitak, GaoRong Capital and GSR Ventures.

It’s the second major funding announcement by OPay this year and comes just five months after it raised $50 million back in July in a round also led by Chinese investors. OPay was incubated by Opera, the China-owned internet browser. OPay says the new funding will be deployed to launch operations in Kenya, Ghana and South Africa.

Photo courtesy of rawpixel.

Source: Quartz Africa (link opens in a new window)

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Finance
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emerging markets, financial services, fintech, mobile phones, smartphones, startups