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OPay Raises $50m to Amplify Operations in Nigeria – Consumers King Ltd

OPay Raises $50m to Amplify Operations in Nigeria – Consumers King Ltd

By on July 14, 2019 0 4 Views
  • OPay Raises $50m to Amplify Operations in Nigeria

OPay, a one-store mobile payments startup, dazzling raised $50 million investment fund to elongate its operations in Africa’s perfect economy Nigeria.

Founded by the 2d most feeble net browser in Africa Opera, OPay is an Africa-centered mobile-based entirely platform for payments, transportation, meals and grocery offer, and other day after day products and companies.”

Launched in August 2018, OPay adopted an agent-centric mobile price operation to set the unbanked population in Nigeria, and since then, it has added new products and companies to its ecosystem — ORide and meals offer service OFood.

In no longer up to a 365 days of operation, OPay grew vigorous agents to better than 40,000 and day after day transaction volumes rose better than $5 million, making OPay the absolute most practical mobile transaction supplier in Nigeria.

ORide, an e-hailing bike unit of OPay, is rising immediate in Lagos and will be competing with the likes of Gokada that unbiased recently raised $5.3 million and Max.ng that raised $7 million to elongate operations and make stronger revenue by becoming a member of the boat-transport enterprise in Nigeria.

However with the enviornment of abilities of OPay service as a mobile price with a expansive database and uncover admission to to working capital, ORide must be better positioned going ahead.

Commenting on the firm’s development in the closing one 365 days, Yahui Zhou, the Chairman and CEO of Opera Restricted, said, “By incubating OPay and supporting the firm by its immediate acceleration, Opera has also demonstrated its skill to leverage its designate and consumer reach to assemble heavenly, immediate-rising firms on the African continent. We’re highly contented by the crew’s outcomes and are mad to continue supporting OPay because the run continues.”

“OPay has efficiently constructed a leading mobile price enterprise in Nigeria in a transient duration of time. We’re mad to be segment of its continued development, because it provides uncover admission to to better mobile banking products and companies for Nigeria’s 200 million population, and expands into new areas,” said Qingsheng Zheng, Accomplice of Sequoia China.

“We’re overjoyed that IDG Capital, Sequoia China, Offer Code Capital and others are coming onboard as investors in OPay. The extra capital will enable OPay to trudge up its development in mobile price products and companies and the event into new verticals, much like bike ridesharing and meals offer,” said Yahui Zhou, Chairman and CEO of Opera Restricted. “Extra, the energy of Opera’s designate and OPay’s emerging enviornment will profit every firms’ and their visions to lead many net verticals at some stage in Africa.”

The investors had been IDG Capital, Sequoia China, Offer Code Capital, Meituan-Dianping, GSR Ventures and Opera Restricted (Nasdaq: OPRA).

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