Total amount raised
$570 Million
Latest funding date
08/01/2021
Location
OPay has successfully raised funds through three distinct funding rounds, with the latest being a Series C round led by SoftBank Vision Fund. The company has attracted a total of 15 investors, including notable names like 3W Capital and Meituan.
Keep reading to explore the intricacies of OPay's fundraising journey and the investors backing this innovative financial services platform.
What Is OPay?
OPay is a financial services company based in Ikeja, Lagos, Nigeria. It operates in the financial services, fintech, mobile apps, and mobile payments industries, providing smart financial services to help users manage their money more effectively.
Founded in 2018, OPay has grown significantly, employing between 5001 and 10000 people. The company offers a range of services, including instant account opening, transfers, airtime/data top-ups with cashback, free debit cards, and a wealth management product called OWealth.
How Much Funding Has OPay Raised?
- Series A
- Amount Raised: USD 50,000,000
- Date: July 2019
- Lead Investors: HSG, IDG Capital, Source Code Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand its financial services and mobile payment solutions in Nigeria.
- Series B
- Amount Raised: USD 120,000,000
- Date: November 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance its mobile payment platform.
- Series C
- Amount Raised: USD 400,000,000
- Date: August 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: USD 2,000,000,000
- Motivation Behind the Round: To invest in African and Middle Eastern markets, aiming to help emerging markets achieve faster economic development.
Total Amount Raised: USD 570,000,000. Current Valuation: USD 2,000,000,000.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank Group, known for making large-scale investments in technology companies globally.
- Investment Focus Areas: Technology, artificial intelligence, robotics, fintech.
- Notable Investments: Uber, WeWork, ByteDance.
- Sequoia Capital China
- Details: Sequoia Capital China is the Chinese arm of Sequoia Capital, a prominent venture capital firm investing in various sectors including technology and healthcare.
- Investment Focus Areas: Technology, healthcare, consumer services, industrial sectors.
- Notable Investments: Alibaba, JD.com, ByteDance.
- Source Code Capital
- Details: Source Code Capital is a venture capital firm that focuses on investing in technology-driven companies in China.
- Investment Focus Areas: Technology, internet, enterprise services, consumer sectors.
- Notable Investments: ByteDance, Meituan, Pinduoduo.
- Redpoint China
- Details: Redpoint China is a venture capital firm that invests in early-stage and growth-stage technology companies in China.
- Investment Focus Areas: Technology, media, telecommunications, healthcare.
- Notable Investments: Pinduoduo, Didi Chuxing, Meituan.
- 3W Capital
- Details: 3W Capital is a venture capital firm that invests in early to growth-stage technology companies.
- Investment Focus Areas: Technology, innovation-driven companies.
- Notable Investments: Specific notable investments are not mentioned in the sources.
What's Next for OPay?
OPay's future looks promising as it eyes expansion into new markets like Egypt and the Middle East. With 160 million active users and monthly transaction volumes exceeding $3 billion, the company is well-positioned to capitalize on the growing digital payment landscape in Africa and beyond. The recent $400 million funding round, led by SoftBank Vision Fund, underscores the significant opportunities available for OPay to enhance its services and reach.
Future fundraising opportunities seem likely, given the strong backing from high-profile investors. As OPay continues to grow, it may attract further investments to support its expansion and technological advancements. However, the company will need to navigate regulatory challenges and intense competition in new markets to maintain its growth trajectory.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like OPay and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
