November 19

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

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)

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