Rinchi
TechInAfrica – A mobile payment startup, OPay, has raised $50 million in funding led by investors, including Sequoia China, IDG Capital, and Source Code Capital. The startup was founded by a Norwegian browser company, Opera, and has focused its operation in Africa.
The startup said that the fund will be used to develop its digital finance solution in Nigeria which the most populous country and the largest economy on the continent. Furthermore, the startup will also support Opera’s commercial network in the country, including motorcycle ride-hail app, ORide, and OFood delivery service.
OPay was founded last year. In Nigeria, it has scaled about 40,000 active agents and $5 million in daily transaction volume. The majority of investment of the startup’s raise is mostly from Chinese funds as well as sources, including GSR Ventures, Source Code Capital, and Sequoia China.
Through the investment, OPay promises to grow mobile money in Nigeria and boost digital-finance adoption across the country with more than 190 million people. Additionally, OPay’s capital raise led Opera to become a multi-service commercial internet platform on the continent.
According to the startup, part of the investment will include product offerings and diversifying country. Moreover, the startup will also make geographic expansion as its key part of plans. It includes its own products and Opera-supported suite of products, such as ride-hail, food delivery, and payments services.
Source: techcrunch.com
