Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Must Read

Kraken The Crypto Exchange Adds Support for Tezor Staking

Cryptocurrency exchange Kraken is launching support for Tezos (XTZ) staking, according to an announcement published on Dec. 11.

Santander Redeems $20 Million Bond Using Ethereum Blockchai

Spain’s multinational banking giant Banco Santander has just redeemed a $20 million bond using the Ethereum blockchain.

Ethereum Istanbul Hard Fork Got Support From Major Exchanges

Following the successful Ethereum Istanbul hard fork update, several popular exchanges have announced their official support for...
- Advertisement -

Lagos-headquartered fintech Opay has sealed $120 million in a series B financing round from a host of high-profile Chinese investors.

Founded in 2018 by web browser developer Opera, OPay — which focuses on developing digital payments solutions to promote financial inclusion — had previously raised $50 million in June of this year, according to what Opera’s spokesperson told Cointelegraph. 

Opay to extend payments solution across Africa

According to a Nov. 18 report from TechCrunch, Opera’s OPay reportedly intends to use the new Series B $120 million round to scale and extend its digital payments solution beyond Nigeria to Kenya, Ghana and South Africa. 

The round reportedly included big-name venture capital investors Sequoia China and Softbank Asia, IDG Capital, alongside Meituan-Dianping, GaoRong, Source Code Capital, BAI, Redpoint and GSR Ventures.

Since its Series A $50 million round, OPay’s business in Nigeria has grown to 140,000 active agents and hit $10 million in daily transaction volume, according to TechCrunch.

Opera backing

Norway-based, Chinese-majority owned software developer Opera is both highly active in the cryptocurrency sphere and in the African consumer market. Its eponymous web browser is the second most widely used on the African continent, after Google’s Chrome, according to 2018-2019 data from Statcounter.com

The company actively pursues web 3.0 development and progressively integrated crypto wallet and payments-functionality into its mobile and desktop products in recent years.

“Web 3.0” is a term that was initially coined to refer to efforts to develop a semantic internet, and is increasingly used to refer to the evolution of a more intelligent, open and distributed web, which could integrate the use of blockchain, decentralized computing and cryptocurrencies.

Fintech and blockchain investment on the continent

As TechCrunch notes, Africa-based startups — including OPay, PalmPay and Lori Systems — have secured a combined total of $240 million from 15 different Chinese investors in a matter of months. 

In terms of the increasingly vibrant fintech and cross-border payments space, Nigeria-based Interswitch recently hit unicorn status following an equity investment from Visa and plans to go public in the future.

As Coinworld360 has reported, blockchain is gaining increasing traction in Nigeria, with lawmakers spearheading a statutory framework for crypto and blockchain regulation and private sector blockchain schemes for areas such as transportation infrastructure recently launching in the country.

- Advertisement -
- Advertisement -

Latest News

11 Years Ago Today Satoshi Nakamoto Published the Bitcoin White Paper

Today, Oct. 31, marks eleven years since the publication of the Bitcoin white paper by the still-mysterious person or...
- Advertisement -

ArBinance is Changing the Crypto Arbitrage Game with the Click of a Button

ArBinance is a professional arbitrage trading platform that aims to revolutionize cryptocurrency trading by allowing its users to conduct crypto arbitrage through...

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users

SmartMixer is Making Bitcoin Mixing Easier for a New Generation of Users SmartMixer.io is a new bitcoin mixing service especially geared toward...

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST

Bitpanda goes global: Announcing the Bitpanda Global Exchange and the IEO for the ecosystem token BEST Vienna-based fintech Bitpanda...

Bitpanda digitizes physical gold and silver

Vienna, 13 May 2019 – Vienna-based fintech Bitpanda launches gold and silver trading for its 1 million users. The new...