FinTech: Opay Nabs $400M; Turns Africa’s Fastest Unicorn

https://dailyalts.com/wp-content/uploads/2021/08/calculator-opay.png

Opay, a mobile payments platform, garnered a valuation of $2 billion.

Opay, a mobile payments platform and POS device maker based in Africa, raised $400 million in a round led by Softbank Vision Fund 2 with participation by Sequoia Capital China and Redpoint China. Opay became a unicorn after the funding, the fastest startup in Africa to do so, after snagging a valuation of $2 billion. (Bloomberg)

Other investors in the fundraising included DragonBall Capital, the venture arm of Chinese food-delivery giant Meituan, Source Code Capital, SoftBank Ventures Asia and 3W Capital.

This was Softbank Vision Fund 2’s maiden investment in Africa.

Opay is owned by Chinese billionaire Yahui Zhou through Norwegian software company Opera.

In 2019, Opay raised $170 million across two funding rounds.

Financial inclusion in Africa

Opay was founded in 2018 and focuses on financial inclusion in Africa through its one-stop mobile-based platform for payment, transportation, food & grocery delivery, and other services.

It also provides individuals with a point-of-sale machine and underlying software, so they can act as banks and ATMs, performing so-called “agent-banking.”

According to the company, over 60% of Africans are unbanked and unable to access the most basic financial services.

Opay’s monthly transaction volumes now exceed $3 billion and it is expanding out from Africa and into the Middle East. In May, the fintech had as many as 300,000 agents.

“We want to be the power that helps emerging markets reach a faster economic development,” OPay Chief Executive Officer Yahui Zhou said in a statement.

“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,” said Kentaro Matsui, a managing director at SoftBank Group Corp.

Related Story:  TPG’s Impact Investing Arm Pays $200M For Stake In Airtel Africa’s Mobile Money Biz                                                 

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/09/bitcoin-6489755_640.jpg
Digital Assets: Bitcoin Miner Genesis Digital Lands $431M To Expand Operations
September 22, 2021     Digital Assets, News, Venture Capital

Genesis Digital Assets, which runs 2.4% of the bitcoin mining network, has announced a $431 million raise led by Paradigm. Claimed to be the largest ever achieved by a bitcoin…

https://dailyalts.com/wp-content/uploads/2021/09/244002325_a409dcf889_c.jpg
Artificial Intelligence: AI To Help Survey For Endangered Bats Under Bridges
September 22, 2021     Artificial Intelligence, News

Hundreds of thousands of bats from about 40 species routinely nest under US bridges, and many of them are endangered or threatened. Transportation departments must mandatorily check for them before…

https://dailyalts.com/wp-content/uploads/2021/09/Organism-1.0-_-Media.png
Artificial Intelligence: AI Cameras In Amazon Delivery Vehicles Unfairly Penalize Drivers
September 21, 2021     Artificial Intelligence, News

Amazon (NASDAQ: AMZN) installed AI-powered cameras in its delivery fleet in February as an investment in safety technology across its operations. The company said at the time the system would…

https://dailyalts.com/wp-content/uploads/2021/09/cakes-652063_640.jpg
FinTech: Assets, A New Product From Wise, Lets You Spend From Your Stocks Portfolio
September 21, 2021     FinTech, News

Wise (LON: WISE), the UK payments fintech previously known as TransferWise, has taken its first steps into investing solutions. Its Assets product allows users to invest in stocks but also…