INSUBCONTINENT EXCLUSIVE:
Africa-focused fintech startup OPay has raised a $120 million Series B round backed by Chinese investors.Located in Lagos and founded by
consumer internet company Opera, OPay will use the funds to scale in Nigeria and expand its payments product to Kenya, Ghana and South
Nigeria has become the epicenter for fintech VC and expansion in Africa
2 in usage in Africa, after Chrome, the last four years.The company has built a hefty suite of internet-based commercial products in Nigeria
the people in Nigeria, Ghana, South Africa, Kenya and other African countries with the best fintech ecosystem
and other types of daily activities, he explained
Jacobsen also noted OPay will use the $120 million to enter more countries in Africa than those disclosed.Since its Series A raise, OPay in
Nigeria has scaled to 140,000 active agents and $10 million in daily transaction volume, according to company stats.Beyond standing out as
OPay, PalmPay and East African trucking logistics company Lori Systems have raised a combined $240 million from 15 different Chinese actors
Opera-supported suite of products on a competitive footing with other ride-hail, food delivery and payments startups across the continent
Chinese actors investing heavily in African mobile consumer platforms lends to looking at new data-privacy and security issues for the
