Startup News

OPay Raises $120 million Series B Round, Plans to Expand beyond Nigeria

OPay - cfamedia

Opay has recently raised $120 million Series B funding. The investment was raised from a group of Chinese investors including Sequoia China, IDG Capital, Source Code Capital and GSR Ventures.

In recent times, the payments company has made its platform a multi-faceted one by adding services like ORide, its motorbike hailing service, OFood, its food delivery service and Okash, its Opera lending service in the country.

Expanding its services across Nigeria, Opay operates with a network system as it boasts of over 100,000 agents on its platform.

Ever since its launch in 2018, the company has taken deliberate efforts to spread its tentacles as it claims to process daily transactions running in tens of millions in dollars.

The platform continues to receive more users on board, as OPay offers low transaction fees and discounts as part of its services.

Its bike hailing service, ORide in the commencement of its operation, offered huge percentage cut to riders, but in recent times, discount on ride trips has seen slight adjustment.

This didn’t come without a backlash as many of its customers complained recently of the hike in transaction fee.

Reports from TechCrunch indicates that OPay will execute the million-dollar fund on accelerating its growth in Nigeria. Beyond the borders of the most populous black nation, OPay plans expansion to its West African neighbours, Ghana and then South Africa.

The Company also plans its return to Kenya.

The funding secured by OPay shows an investment trend in fintech platforms as Interswitch and PalmPay also secured some round funding.

This new funding may just offer OPay the capacity to launch some other services that its users are yet to see.

Featured Image: tekedia

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