TECH

OPay Raises fresh $120m: Fresh Pepper for Competitors

OPay $120m

They just keep getting into the news all the time, either raising money or nipping it off their customers. OPay has raised yet another $120m in a Series B funding round led by Chinese investors once again.

The main investors of the funding round include Meituan-Dianping, GaoRong, Source Code Capital, Softbank Asia, BAI, Redpoint, IDG Capital, Sequoia China and GSR Ventures. This follows a previous Series A fund raise of $50.

What the funds will be used for

OPay intends to deploy the funds across Opera’s Africa network to scale up operations in Nigeria and expand its payments product to Kenya, Ghana and South Africa. Frode Jacobsen, CFO of Opera (parent company of OPay) disclosed this.

The fintech company plans to capture volume around bill payments and airtime purchases, but not necessarily as a priority as it aims to focus on services that have high-frequency usage, some of which Jacobsen said include transportation services, food services, amongst others.

Time to really pepper them

OPay and its sub-brands especially ORide have been in the business of ‘peppering’ competitors right from the start. From OPay’s surreal N10 transfer fee to ORide’s ridiculous price crashes. Now with more money in their pockets you can only imagine what outrageous discount they might be planning next. Or maybe they won’t – maybe they would use it for business expansion-like moves as they say.

Whether you’re a farmer, builder or engineer, the opportunities are equal; just add a little innovation.~Strive MasiyiwaTweet
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