Nigeria-focused mobile payments company OPay which is incubated by Opera has raised $50 million in total funding to strengthen its position in Nigeria and expand to additional African markets.
The lead investors for this funding included IDG Capital, Sequoia China, Source Code Capital, Meituan-Dianping, GSR Ventures and Opera Limited (Nasdaq: OPRA). With this new funding, OPay also says its want to leverage its brand and app into adjacent verticals, including motorbike ridesharing and food delivery services.
OPay launched its mobile payment service in August 2018, creating an infrastructure on which the company is now also adding new services. Within less than a year, by June 2019, OPay had more than 40,000 active agents and saw daily transaction volumes in excess of $5 million, propelling the company to become the largest mobile transaction provider in the country.
Recently, OPay has expanded its ecosystem to new verticals, including the motorbike ridesharing service ORide and food delivery service OFood.
“We are thrilled that IDG Capital, Sequoia China, Source Code Capital and others are coming onboard as investors in OPay. The additional capital will allow OPay to accelerate its growth in mobile payment services and the growth into new verticals, such as motorbike ridesharing and food delivery,” said Yahui Zhou, Chairman and CEO of Opera Limited. “Further, the strength of Opera’s brand and OPay’s emerging position will benefit both companies’ and their visions to lead many internet verticals across Africa.”