OPay in talks to raise $400 million

OPay, a leading fintech platform, is in talks to raise up to $400 million in a bid to improve its services and drive growth initiatives.

The fintech company launched in Egypt this year and is looking at raising funds to expand more.

The company’s decision also seems to be based on building a “super app,” which started with its bike rental service, ORide but with a ban on bike sharing in Nigeria, the bike service was halted.

The company then decided to focus on payments after that, with the pandemic serving as a major factor, with social distancing and COVID-19 pandemic regulations making more people turn to mobile money services.

The Chinese backed and African focused company’s fundraising is coming two years after it announced two funding rounds in 2019 — $50 million in June and a $120 million Series B in November.

The $170 million raised so far came from mainly Chinese investors some of whom are SoftBank, Sequoia Capital China, IDG Capital, SoftBank Ventures Asia, GSR Ventures and Source Code Capital.

OPay says it made $1.4 billion in payments in October 2020 by itself but the number increased to $2 billion by December of that year.

In the area of mobile payment, Opay seemed to be the only company until other companies like MTN and Airtel became competitors.

But the company is working on additional products like new debit and credit cards.


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