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Opera-Backed Fintech OPay Seals $120M Investment to Grow Across Africa

Lagos-headquartered fintech Opay has sealed $120 million in a chain B financing spherical from a number of high-profile Chinese language traders.

Based in 2018 via internet browser developer Opera, OPay — which makes a speciality of creating virtual funds answers to advertise monetary inclusion — had up to now raised $50 million in June of this yr, in keeping with what Opera’s spokesperson advised Cointelegraph. 

Opay to increase funds answer throughout Africa

In line with a Nov. 18 record from TechCrunch, Opera’s OPay reportedly intends to make use of the brand new Sequence B $120 million spherical to scale and lengthen its virtual funds answer past Nigeria to Kenya, Ghana and South Africa. 

The spherical reportedly integrated big-name mission capital traders Sequoia China and Softbank Asia, IDG Capital, along Meituan-Dianping, GaoRong, Supply Code Capital, BAI, Redpoint and GSR Ventures.

Since its Sequence A $50 million spherical, OPay’s industry in Nigeria has grown to 140,000 lively brokers and hit $10 million in day by day transaction quantity, in keeping with TechCrunch.

Opera backing

Norway-based, Chinese language-majority owned instrument developer Opera is each extremely lively within the cryptocurrency sphere and within the African shopper marketplace. Its eponymous internet browser is the second one most generally used at the African continent, after Google’s Chrome, in keeping with 2018-2019 knowledge from Statcounter.com

The corporate actively pursues internet three.zero construction and steadily built-in crypto pockets and payments-functionality into its cell and desktop merchandise in recent times.

“Internet three.zero” is a time period that used to be first of all coined to check with efforts to expand a semantic web, and is more and more used to check with the evolution of a extra clever, open and dispensed internet, which might combine the usage of blockchain, decentralized computing and cryptocurrencies.

Fintech and blockchain funding at the continent

As TechCrunch notes, Africa-based startups — together with OPay, PalmPay and Lori Programs — have secured a blended overall of $240 million from 15 other Chinese language traders in an issue of months. 

In the case of the more and more colourful fintech and cross-border funds house, Nigeria-based Interswitch lately hit unicorn standing following an fairness funding from Visa and plans to move public someday.

As Cointelegraph has reported, blockchain is gaining expanding traction in Nigeria, with lawmakers spearheading a statutory framework for crypto and blockchain law and personal sector blockchain schemes for spaces corresponding to transportation infrastructure lately launching within the nation.

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