The Nigerian-backed and Nigerian-sponsored fintech platform, OPay, introduced on Monday that it has raised $ 400 million in a spherical of financing led by Japanese Softbank.
Based on Opay, this roundup places its valuation at $ 2 billion and was backed by Sequoia Capital of China, the arm of China’s meals supply firm, Dragonball Capital, Redpoint China, Sourcecode Capital, Softbank Ventures Asia and 3W Capital.
In Might, the Nigerian fee firm sought to lift $ 400 million. Whereas the sort of funding was prone to grant it Unicorn standing, the corporate has exceeded its estimated valuation of $ 1.5 billion on the time.
This evaluation will increase the record of unicorns in Africa – that are startups valued at over $ 1 billion – to 5, becoming a member of Interswitch, Jumia, Fawry and Flutterwave.
In Nigeria, the place the corporate began in August 2018 and continues to be the bottom for its principal operations, the banking agent is a current supply of progress. OPay gives people with a point-of-sale machine and underlying software program, to allow them to act as banks and ATMs (besides they’ll’t open 24/7). These brokers are in a position to open financial institution accounts, obtain deposits, and meet withdrawals.
The corporate says it processes $ 3 billion in transactions every month, and by Might 2020, it mentioned it has greater than 300,000 brokers nationwide. Along with the banking agent, the processing of funds for firms is the core of OPay; one format for that is using QR codes.
Talking concerning the newest funding, Opay CEO Yahui Zhou mentioned the corporate is concentrated on serving to rising markets to speed up financial improvement. “We need to be the facility that helps rising markets obtain quicker financial improvement.