Opay raises $400M in SoftBank vision funding
Nigeria-based fintech company, Opay has raised $400 million in new financing round led by SoftBank Vision Fund 2 increasing the company’s valuation to $2 billion.
The new financing drew participation from existing investors like Sequoia Capital China, Redpoint China, Source Code Capital, and Softbank Ventures Asia. Other investors, including DragonBall Capital and 3W Capital.
This is coming three months after the fintech firm announced its plans to raise “up to $400 million at a $1.5 billion valuation” from a group of Chinese investors.
The new financing also comes two years after OPay announced two funding rounds in 2019 — $50 million in June and a $120 million Series B in November.
Speaking on the latest funding round, Opay CEO, Mr. Yahui Zhou said “We want to be the power that helps emerging markets reach a faster economic development.”
In a statement, Kentaro Matsui, a managing director at SoftBank Group Corp, said, “We believe our investment will help the company extend its offering to adjacent markets and replicate its successful business model in Egypt and other countries in the region.”