Fintech Opay attracts $120 mln Chinese investments
Tuesday, 19 November 2019 15:50
Nigeria-based fintech Opay successfully raised $120 million from Chinese investors including venture capitalists Sequoia Capital China, GSR Ventures, Source Code Capital, GaoRong Capital, as well as distribution company Meituan-Dianping.
OPay plans to use the sum to fund expansion in Nigeria, but also in Kenya, South Africa, and Ghana. According to OPay’s Chairman Yahui Zhou, these markets offer a favorable business environment. The new mobilization brings to $170 million the total amount captured by Opay since the beginning of the year. Last June, the payment platform had obtained $50 million from a consortium of investors, mainly Chinese firms.
Founded in 2018 by Opera Software, Opay is a platform that offers mobile payment services. The company also offers on-demand food distribution, transport and micro-credit services. In Nigeria, the software developer Opera wants to strengthen its payment services and introduce digital platforms dedicated to SMEs.
Chamberline MOKO
Live News
-
Ghana, EU Set to Sign Defence Partnership Within Days
20:44
-
After January Oversubscription, Cameroon Plans CFA82 Billion Eurobond Add-On
20:38
-
Cameroon Launches $150M Rice Project to Expand Production in the North
20:17
-
Cameroon’s Gulfcam Plans Six Ships to Shift Kribi–Douala Cargo From Roads to Sea
20:09
-
Cameroon Gives Traditional Chiefs Veto Power Over Large Land Registrations
20:05
-
DRC Gold Trading Plans Expansion to Capture Informal Gold Production
19:59
-
Egypt Seeks to Become Alternative Oil Hub as Hormuz Crisis Disrupts Trade
19:30
-
Kenyan Agritech AgriBORA Targets Post-Harvest Losses With Digital Storage System
19:19
-
Boit Victor Launches QuePay to Automate Cashless Transactions
19:16
-
Laina Finance Targets Tanzanian Consumers With Flexible Payment Plans
19:12
Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...
The BCEAO cut its main policy rate by 25 basis points to 3.00%, effective March 16. Inflation...
Central Bank of Nigeria said 20 commercial banks have met new minimum capital requirements, with...
EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...
Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...
Deal reflects growing security cooperation amid Sahel terrorism threats Ghana plays key role in Accra Initiative regional security efforts The...
State company DRC Gold Trading aims to collect 15 tonnes of artisanal gold in 2026, far above volumes declared in recent years. The company plans to...
Egypt offers oil storage facilities on the Red Sea to international companies as disruptions halt traffic through the Strait of Hormuz. The SUMED...
( AFRICA FASHION UP) - Africa Fashion Up, the must-attend event for contemporary African fashion in Paris, announces the launch of its call for...
Located about forty kilometers east of Lomé along the Gulf of Guinea, Aného is one of the most historically significant towns in Togo. Nestled between a...
African-born artists generated $77.2 million in auction sales in 2024, down 31.9% year-on-year. Women artists accounted for about $22...