OPay, a Lagos, Nigeria-based provider of a mobile payment service and consumer platform, raised $50m in funding.
The round was led by IDG Capital, Sequoia China, Source Code Capital, Meituan-Dianping, GSR Ventures and Opera Limited (Nasdaq: OPRA).
The company plans to use the new capital to strengthen its position in Nigeria, expand to additional African markets and leverage its brand and app into adjacent verticals, including motorbike ridesharing and food delivery services.
Launched in August 2018 by Chairman and CEO Yahui Zhou, OPay is a one-stop mobile-based platform for payment, transportation, food & grocery delivery, and other important services in everyday life. Millions of users in Nigeria use it to send and receive money, pay bills, obtain transportation and order food and groceries. Within less than a year, by June 2019, the company had more than 40,000 active agents and saw daily transaction volumes in excess of $5m.
At the end of the first quarter of 2019, there were nearly 120 million people across Africa and more than 350 million worldwide using products, including browsers, the standalone news app and fintech offerings.
The company was incubated by Opera (Nasdaq: OPRA), a Norway-based company that delivers browsers and AI-driven digital content discovery platforms to more than 350 million people worldwide.