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OPay Raises $120 Million From Chinese Investors

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Nigeria-based fintech company OPay has raised $120 million in Series B funding from a group of Chinese investors.


Series B rounds are all about taking businesses to the next level, past the development stage. Investors help startups reach this height by expanding their market reach. Companies that have gone through seed or angel investor funding and Series A funding rounds have already developed substantial user bases. They also proved to investors that they are prepared for success on a larger scale. Startups use Series B funding to grow the company so that they can meet these levels of demand.

 

ORide, an initiative of OPay. Photo: Brand Spur

 

Participating in this round includes existing investors, Meituan-Dianping, Source Code Capital, IDG Capital, Sequoia China, and GSR Ventures. They have funded the startups with a $50 million raise back in July.

 

Also read:
Nigerian Startup OPay Raises $50 Million Funding
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OBus: Nigerian Startup OPay Launches Bus Service

Originally founded by Opera, OPay has grown from just a payment company to a jack of all trades.

 

It is intent on becoming an all-purpose fintech app. In addition to its wallets and payment services, the company also operates a bike hailing service (ORide), food delivery service (OFood) and a wealth management solution (OWealth). In Nigeria, it operates Opera’s lending service (OKash), a bus-hailing service (OBus) and a tricycle service (OTrike).

 

OPay came to Nigeria in 2018 initially as a payment solution, but it has gained rapid recognition and acceptance via its bike-hailing service and continues to grow.

 

One of its popular methods of increasing acceptance has been via promotions. This features price slashes, sometimes as much as 50%, for customers. There are also incentives for bikers to join their growing team, some of which include bonuses if they can prove that they are switching from rival bike hailing services.

 

According to TechCrunch, OPay will use the new funding from Chinese investors to accelerate its growth in Nigeria. The company also plans to expand to some other African countries.

 

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