Business Fintech

OPay raises fresh $120 million Series B funding

Just a short while after securing the approval of Nigeria’s Apex Bank, Central Bank of Nigeria (CBN), to commence international money transfer in Nigeria; the Nigeria-based fintech company OPay has raised $120 million Series B funding from a group of Chinese investors. Participating in the round include existing investors Meituan-Dianping, Source Code Capital, IDG Capital, Sequoia China and GSR Ventures who funded the company’s $50 million raise in July.

OPay has been on an aggressive growth path since it launched in Nigeria last year with offering of huge discounts and low transaction fees that allowed it to attract more users to use its services.

According to TechCrunch, OPay will use the new funding to accelerate its growth in Nigeria. The company is also planning to expand to Ghana and South Africa and will make a return to Kenya where it originally launched in 2017.

Last Monday, Interswitch announced a $200 million investment from Visa, and days later, PalmPay, a payment service from Transsion Holdings announced a $40 million seed funding round. All three funding activities are part of a surge in fintech investment this last quarter or 2019.

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