OPay targets new Africa markets after $50M funding

Nigeria-focused mobile payments company OPay raised $50 million from investors, cash it plans to use to expand the scale and scope of services in its core market and expand to new countries in Africa.

According to Mobile World Live news monitored by Business247 News, Backers taking part in the round include IDG Capital, Sequoia China, Source Code Capital and the payment company’s affiliate Opera, one of the leading web browser companies supplying the African market.

OPay launched in August 2018 supplying mobile payment services, and has since launched several sister products including a food delivery and motorcycle taxi-booking services.

As of June, OPay had 40,000 payment agents active in Nigeria, processing daily transactions worth more than $5 million per day. The company claims to be the largest mobile transaction provider in the country.

In a statement, OPay said it planned to use the money to strengthen its position in Nigeria, expand to new markets and introduce its brand and app into adjacent vertical markets.