Nigerian fintech startup raises $120M from Chinese investors

Nigerian-based fintech startup OPay has raised a $120 million Series B round backed by Chinese investors.

Founded by consumer internet company Opera, OPay will use the funds to scale up in Nigeria and expand its payments product to Kenya, Ghana and South Africa, the company said in a statement.

Incubated by Norwegian-based consumer internet outfit Opera, OPay has a network of over 140,000 agents and transaction volumes of more than $10 million a day and has begun branching out into motorbike ridesharing and food delivery.

“OPay will facilitate the people in Nigeria, Ghana, South Africa, Kenya and other African countries with the best fintech ecosystem. We see ourselves as a key contributor to…helping local businesses…thrive from…digital business models,” Opera CEO and OPay Chairman Yahui Zhou, said in a statement.

It is now nine years since China overtook the US as Africa’s largest trading partner. Although Kenya and Ethiopia were the only two African nations among the 30 countries signing economic and trade agreements at the Belt and Road Forum (Barf) in Beijing in May last year, China has been busy on the continent and Opera’s Chinese backed Africa moves will add a new component to debate around China’s engagement in Africa.