Opera’s OPay Receives $120M Series B Funding to Expand Fintech In Africa

According to reports, financial technology company Opay based in Lagos, Nigeria, has successfully pulled in $120 million in a recently concluded series B funding round. The round included several major institutions across China including Softbank Asia, Sequoia China, IDG Capital, BAI, Redpoint, Source Code Capital, and GaoRong, among others.

This funding round comes just a few months after the company received $50 million back in June, as it focuses on its goal of creating more financial solutions surrounding digital payments and all-round financial inclusion, for the African market. Opay is currently performing quite impressively in Nigeria and boasts of 140,000 agents with a transaction of the volume of $10 million every day. The new funding is expected to help the company spread to other countries in Africa, beginning with Kenya, South Africa, and Ghana.

Opay is the brainchild of the popular web browser Opera, which Statcounter.com shows is Africa’s second most popular web browser, after Google Chrome. The Opera company is very pro-crypto and has even incorporated a digital wallet to its browser, allowing easy access for interested users. Opera is also interested in web 3.0 growth, which will involve increased use of decentralized solutions such as blockchain and digital currencies.

Opay might however have to battle the Nigerian market with Interswitch, which recently confirmed unicorn status ($1 billion valuation) after Visa acquired a small stake.

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