OPay raises another $120 Million to expand to other African countries

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The popular payment services company OPay which powers other services like ORide, Otrike, OFood etc just raised another $120 Million. The funding led by mainly Chinese investment companies and investors is summing up the total money raised by OPay to the tune of about $200 Million.

Around May 2018, OPay raised $50 Million from five investors and the present round was raised from nine majorly Chinese investors.

TechCrunch reported a confirmation by the Chief Financial Officer of Opera, Frode Jacobsen who emphasized that the fund would be used to power OPay’s high-frequency services in the transportation, food, and other daily priorities categories.

According to TechPoint, Opera’s CEO and OPay’s chairman, Yahui Zhou, also confirmed in a statement that the fund would facilitate OPay’s expansion into African countries with favourable fintech ecosystems including Ghana, South Africa, and Kenya.

The new fund raised makes the total money raised by OPay to the tune of $200 Million between May 2018 and November 2019.

Related to this is;  Alibaba partners Flutterwave to create China-Africa unification via payment.

This is coming barely a week after OPay discontinue its bus hailing services in the popular city of Lagos, in Nigeria.

Oluwaseun Hephzibah, Babatunde

I'm an entrepreneur, Tech Enthusiast, IT Consultant and guitarist. I'm a great motivator and I can push you to achieve your dream. ------------------------------------------------------ email: babatundeseun2014[at]gmail.com

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