The valuation of OPay, a fintech that operates in Nigeria and Egypt, has risen to $3 billion according to Opera, a Chinese-owned company with a stake in the company.
Details
In a filing to the US Security Exchange, Opera saw an increase in its holding, which rose from 6.4% to 9.3% in 2023. The company also saw a significant increase in its customer base in the same year.
Digging Deeper
Opera says it expects OPay’s revenue to grow at an annual rate of 35% between 2023 and 2030.
Zoom In
In Nigeria, OPay’s biggest market, the company offers a bank account for faster online money transfers than traditional banks provide, and a point-of-sale device that enables vendors to accept card payments and offer cash withdrawals to customers.
Zoom Out
OPay was founded by Chinese billionaire Zhou Yahui and was valued at $2 billion in 2021 when it raised $400 million in a round led by SoftBank, with the participation of investors including Sequoia Capital China.
Source: Semafor
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
