African fintech OPay valued at $2B in SoftBank Vision Fund 2-led $400M funding –
This news comes three months after The Information reported that the company was in talks to raise “up to $400 million at a $1.5 billion valuation” from a group of Chinese investors. While the company started with providing customers with digital services in their everyday life from mobility and logistics to e-commerce and fintech at cheap rates, those super app plans have been largely disappointing. By simply allowing unbanked and underbanked users in Nigeria to send and receive money and pay bills through a network of thousands of agents, OPay has grown at an exponential rate. Nigeria is Africa’s most populous nation, and with a large share of its people underbanked and unbanked, fintech is the most promising digital sector in the country. In a statement, Kentaro Matsui, a managing director at SoftBank Group Corp, said, “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.” SoftBank joins a growing list of high-flying investors (Dragoneer, Sequoia, SVB Capital, among others) that have cut their first checks in African ventures this year.
Fintech & Banking