Chinese investors-backed African startup OPay raises $400m funding led by SoftBank

Photo by Jonas Leupe on Unsplash

OPay, an Africa-focused digital payment startup founded by a Chinese entrepreneur, said it has secured $400 million in its latest funding round led by SoftBank Vision Fund 2, valuing it at $2 billion.

Other investors in the funding round include Sequoia Capital China, Source Code Capital, Meituan-backed fund Long-Z, Redpoint China and 3W Capital, OPay said in a statement on Monday.

OPay, which has notched up 160 million active users in Africa since its launch in 2018, said it will use the capital to invest in African markets including Nigeria and Egypt, as well as Middle Eastern markets.

“We want to be the power that helps emerging markets reach a faster economic development,” said Zhou Yahui, founder and chief executive of OPay, in the statement.

Zhou also founded Chinese gaming company Beijing Kunlun Tech Co Ltd, which was once the owner of the popular dating app Grindr. Washington had ordered Kunlun to divest Grindr in 2019 amid concerns over the safety of its handling of user data.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.