In less than three years, OPay has gone from a curious startup known for its motorcycles in Lagos, Nigeria, to a financial services company worth $2 billion. The latest valuation comes after it raised $400 million from a round led by SoftBank, the Japanese investment firm, with Sequoia Capital China, and five other large firms participating. No other startup whose operations are based in Africa has raised as much in one round. Flutterwave achieved a value of $1 billion in March this year, after raising $170 million. OPay’s new valuation makes it the fastest African startup to cross $1 billion in value, even if there’s often a debate about whether it is appropriate to even define it as an African startup, because it is owned by Chinese billionaire Yahui Zhou through Opera, the software company based in Norway.
SOURCE: QUARTZ AFRICA
More Stories
Wellness Destinations in Africa to Get away from it All
Africa’s Missing Middle in Tech Funding
Eto’o Joins the Presidential Race
Sign Language Across Africa
Algeria Lays Bouteflika to Rest
The Women trying to Revolutionise Agriculture in West Africa
A Wide Range of African Organisations have Come together to Demand Change
Nairobi Sees Rising Poaching Incidents
Benin, where Innovation and Recycling Meet
African Leaders Sound Alarm at the UN General Assembly
Nationalising Rabat’s State Entities
When One Trial Ends Another Opens for South Africa’s Former President