Nigeria-based payment and consumer platform OPay has raised $120m in a Series B funding round to support its expansion strategy.
The funding round involved participation from SoftBank Ventures Asia, Meituan-Dianping, Sequoia Capital China, DragonBall Capital, GSR Ventures, GaoRong Capital, IDG Capital, Source Code Capital, Bertelsmann Asia Investments (BAI) and Redpoint China.
Internet company Opera incubated OPay, which launched its mobile payment solution in August last year.
Apart from sending and receiving funds, OPay can be used to pay bills, get transportation and order food and groceries.
The firm raised $50m in July this year to bolster its presence in Nigeria and expand to neighbouring markets. The latest funds are intended to speed-up mobile payment services expansion and growth across various new verticals.
In addition, the company intends to foray into new African markets.
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OPay CEO Yahui Zhou said: “OPay will facilitate the people in Nigeria, Ghana, South Africa, Kenya and other African countries with the best fintech ecosystem that Africa has ever seen, paired with the inclusion of daily use services such as transportation and delivery.
“We see ourselves as a key contributor to expanding financial inclusion in Africa, and helping local businesses and workforces to thrive from opportunities created by new, digital business models.”
Since the Series A funding, the company is said to have increased its active agents three times to more than 140,000. Also, daily transaction volumes doubled to over $10m per day.
The company also introduced a cashless payments service for offline merchants.
Zhou added: “Further, the strength of Opera’s brand and OPay’s emerging position will continue to benefit both companies and further escalate their ability to take leadership in several internet verticals across Africa.”