The Nigerian-based fin-tech firm OPay raised a group of Chinese investors ‘ $120 million Series B funding. Existing investors such as Meituan-Dianping, Source Code Capital, IDG Capital, Sequoia China and GSR Ventures, which financed in July a $50 million raise, participated in the round, it also welcomed Japan’s Softbank Asia, BAI, Redpoint and GaoRong into the series.
Opay has stayed committed to its quest of becoming Nigeria’s first Super App with services spanning; payments, transport, loans, food delivery and many more.
Opay has engaged agents at the grassroots level in order to aggressively continue its payments growth trajectory and has claimed to already be processing transactions upwards of $10million dollars daily.
Huge discounts and low transaction fees have been the most visible incentives it has offered in order to boost its user volume and as always, that strategy has been accepted by Nigerians as O-ride; its bike hailing business has witnessed exponential growth in a very short period of time.
This series is bound to effectively help Opay achieve its objectives and scale its operations around the country.