Chinese-backed and Africa-focused fintech platform, OPay, on Monday, announced raising fresh $400m, in a funding round led by Japanese Softbank.
The development brings the startup’s valuation to a trillion dollar company, becoming the 5th African unicorn after Interswitch, Jumia, Fawry and Flutterwave.
Earlier in May, there was news on the startup’s move to raise the round, but little was known that the raiser would be finalised three months after.
Led by Softbank, the deal becomes a major talking point for tech players in Nigeria being the Japanese company’s first foray into Africa.
The round saw the participation of other VCs including China’s Sequoia Capital, the venture arm of China’s food delivery company, Dragonball Capital, Redpoint China, Sourcecode Capital, Softbank Ventures Asia and 3W Capital.
Speaking on the development, Opay CEO, Yahui Zhou, explained that the company was focused on helping emerging markets reach a faster economic development.
He said: “We want to be the power that helps emerging markets reach a faster economic development.”
Further speaking on the investment, SoftBank Group Managing Director, Kentaro Matsui, described activities of the company as successful, and noted that the new investment is expected to help it expand into new markets.
Matsui said: “We believe our investment will help the company extend its offering to adjacent markets and replicate its successful business model in Egypt and other countries in the region.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...