In its latest funding round led by SoftBank, Nigerian fintech Opay raised $400 million. This move has totaled the company’s valuation to $2 billion, thereby, making it Nigeria’s latest Unicorn.
From starting off as a bike-hailing app to integrating several payments and financial services, OPay has become a household name in Nigeria. The opera-owned fintech-oriented company said its monthly transaction volume now exceeds $3 billion, with more than 300,000 agents and over 5 million users across Nigeria.
With this new funding, OPay is now the fourth Unicorn in Nigeria, joining the likes of Interswitch, Jumia, and Flutterwave. The startup is projecting to expand into other African markets as well as the Middle East and Softbank hopes this investment will help drive that expansion.
Speaking on the latest funding, Opay CEO, Yahui Zhou said the company is focused on helping emerging markets reach a faster economic development. “We want to be the power that helps emerging markets reach a faster economic development,” he told Bloomberg.