(Ecofin Agency) – Nigeria-based fintech Opay successfully raised $120 million from Chinese investors including venture capitalists Sequoia Capital China, GSR Ventures, Source Code Capital, GaoRong Capital, as well as distribution company Meituan-Dianping.
OPay plans to use the sum to fund expansion in Nigeria, but also in Kenya, South Africa, and Ghana. According to OPay’s Chairman Yahui Zhou, these markets offer a favorable business environment. The new mobilization brings to $170 million the total amount captured by Opay since the beginning of the year. Last June, the payment platform had obtained $50 million from a consortium of investors, mainly Chinese firms.
Founded in 2018 by Opera Software, Opay is a platform that offers mobile payment services. The company also offers on-demand food distribution, transport and micro-credit services. In Nigeria, the software developer Opera wants to strengthen its payment services and introduce digital platforms dedicated to SMEs.