The $400 million raised in 2021 propelled OPay to unicorn status, meaning it achieved a valuation of over $1 billion. SoftBank Vision Fund 2 played a major role in leading the investment round. Sequoia Capital China is another notable investor who participated in the funding round. This significant funding helped OPay expand its services, user base, and market reach within Nigeria's booming fintech space.
How much OPay was Funded in 2021?
In 2021, OPay, a Nigerian fintech startup, raised $400 million in a funding round. This investment round was led by SoftBank Vision Fund 2, with participation from other investors such as Sequoia Capital China, Redpoint China, Source Code Capital, and 3W Capital. This funding round brought OPay's valuation to approximately $2 billion.
In addition to the $400 million raised in the funding round in 2021, the funding round marked SoftBank's first investment in Africa. This demonstrated significant confidence in OPay's business model and the potential of the African fintech market.
The capital was intended to support OPay’s expansion into other markets outside Nigeria, including the Middle East. The company aimed to enhance its product offerings and expand its ecosystem to include more financial services and digital payment solutions.
By 2021, OPay had grown significantly in Nigeria, with its mobile payment platform witnessing substantial adoption. The company processed over $3 billion in transactions per month at the time of the funding announcement.
OPay has also diversified its services beyond mobile payments to include ride-hailing, food delivery, and other digital services. The funding was expected to help further this diversification and strengthen its position in these sectors.
OPay's success and the substantial investment it received highlighted the growing importance and attractiveness of the African fintech space to international investors. OPay's founder and CEO, Yahui Zhou, emphasized the company's mission to accelerate financial inclusion in Africa and beyond, leveraging technology to offer affordable and accessible financial services to underserved populations.
In a nutshell, OPay was funded with $400 million in 2021. The funding round was a significant milestone for OPay, providing the financial backing needed to fuel its ambitious growth and expansion plans.