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What Was the Total Amount OPay Raised in 2021? Welcome to Prudentj2! I am glad you're here. In 2021, OPay made headlines by raising $400 million in funding.
This major achievement shows the rapid growth and Greatness of this African fintech company. So continue reading to see how much opay was funded in 2021!
In 2021, OPay, a well-known African fintech firm, announced that it had secured a significant amount of money as funding which marked an important milestone for the company’s growth and development.
This article stipulates how much funding was raised for OPay during 2021 by considering diverse authoritative sources.
How OPay got there
OPay began as mobile payment service in Nigeria but gradually expanded to include food delivery, ride-hailing and other financial services.
The company quickly became popular because of its customer-friendly platform and speedy services.
Biggest Fundraise in 2021
The highlight of OPay's financial journey in 2021 was a massive funding round led by SoftBank Vision Fund 2.
For the firm this round made all the difference and it helped achieve incredible growth while expanding its reach further to Africa.
How much opay was funded in 2021?
In August 2021, OPay raised $400 million through a funding round led by SoftBank Vision Fund 2 which valued the firm at $2 billion thereby underlining the future prospects and business acumen of this Nigerian startup to investors.
Sequoia Capital China, Redpoint China, Source Code Capital and SoftBank Ventures Asia were among other notable investors in this round.
Impact of the Funding
OPay wanted to expand its technology infrastructure, offer more services as well as reach out to more Africans thereby utilizing this large financial backing.
Furthermore, it also enabled the firm to invest in advertising and customer retention hence making it stronger in the market.
Growth and Expansion
In 2021, the funding was important for the growth and expansion of OPay. The company used these funds to enter into new markets as well as consolidate its presence in others.
By upgrading their technological capabilities and increasing their range of services rendered, they planned to come up with better solutions for their users.
Statistics and Figures
As per Statista, Opay’s history of funding reveals that its round series rose by $400M compared to other previous years. This huge amount of money has changed how this organization is run financially which has made them more successful than ever before.
How Much OPay Was Funded Since Its Existence
Since its inception in 2018, a top African fintech firm Opay has secured substantial funding. This financial support has played a key role in its swift growth and expansion into various parts of Africa.
Below is a description of each round of funding that OPay has gone through.
| Round | Date | Amount Raised | Key Investors |
|---|---|---|---|
| Series A | July 2019 | $50 million | Sequoia China, IDG Capital, Source Code Capital, Opera |
| Series B | November 2019 | $120 million | Meituan-Dianping, GaoRong, Source Code Capital, SoftBank Asia, BAI, Redpoint, IDG Capital, Sequoia China, GSR Ventures |
| Series C | August 2021 | $400 million | SoftBank Vision Fund 2, Sequoia Capital China, Redpoint China, Source Code Capital, SoftBank Ventures Asia, 3W Capital |
Overall Funding Raised
The total amount raised by OPay across these three rounds of financing is approximately $570 million.
The series C round of August 2021 was the largest, where it received $400 million giving the company a valuation of $2 billion.
Other investors included SoftBank Vision Fund 2, Sequoia Capital China and Redpoint China.
These investments have allowed OPay to reach beyond Nigeria, strength their tech infrastructure and expand their customer base.
They also enabled the company to go into new markets like Egypt and help it develop an inclusive financial system all over Africa.
Conclusion
In 2021, Opay raised massive amounts with $400 million coming from SoftBank Vision Fund 2’s leading them in the mineral.
Besides valuing it at two billion dollars, this funding facilitated its penetration in African fintech market.
Enhanced services and broader market reach signify the significance of this investment which can be seen on OPay’s platform.
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