Source Code Capital Portfolio Company OPay Raises $120 Million in Series B, Led by Existing Investor Source Code Capital

源码资本·November 19, 2019·0·0

OPay is one of the fastest-scaling companies in Africa, dedicated to providing consumers with convenient, all-in-one internet services.

On November 18, OPay announced the completion of its latest Series B funding round, raising $120 million. Investors include Meituan, DragonBall Capital (Meituan), Source Code Capital, Gaorong Ventures, SoftBank Ventures Asia, BAI, Redpoint China Ventures, IDG Capital, HSG, and GSR Ventures.

OPay is one of the fastest-growing companies in Africa. Incubated by Opera, the globally recognized internet company headquartered in Norway, it has become a leading mobile payment and mobility services provider in Nigeria. OPay's previous funding round of $50 million closed in June this year.

OPay is committed to providing consumers with comprehensive and convenient internet services, including mobile payments, ride-sharing, and food delivery. The company plans to use the newly raised capital to further accelerate its expansion across multiple verticals and enter new African markets.

Yahui Zhou, OPay's founder, Chairman, and CEO, said: "OPay will build a top-tier fintech ecosystem for Nigeria, Ghana, South Africa, Kenya, and other African countries, encompassing high-frequency daily lifestyle services such as transportation and food delivery. We position ourselves as contributors to expanding financial inclusion in Africa, dedicated to helping local businesses and workers grow through opportunities in new digital business models. The funds raised will be primarily used to support fintech innovation and entrepreneurship in African nations."

Yahui Zhou, Founder, Chairman, and CEO of OPay

OPay launched its mobile payment service in August 2018 and has continuously expanded its features, focusing on providing convenience for Nigeria's large unbanked population. Since its Series A funding, OPay's active merchant agents have tripled to over 140,000, and daily transaction volume has doubled to an average of more than $10 million per day.

As transaction volume continues to grow, OPay's position as Nigeria's largest mobile payment provider has become increasingly solidified.

Additionally, OPay's ride-sharing service has ranked first among similar services in Nigeria. Over the past three months, daily usage has more than tripled. Recently, OPay has also launched other services, including food delivery and offline merchant payments. While Nigeria remains OPay's current focus, the company's goal is to expand its business across the entire African continent.

About OPay

OPay is a one-stop electronic financial services provider that meets needs for payments, transfers, food delivery, and other daily life requirements. Millions of users in Nigeria use OPay to complete collections and payments, bill payments, transportation, ordering, and food delivery services. OPay is committed to providing everyone with opportunities to connect with what matters to them, realizing financial inclusion, security, and convenience in Africa.