OPay is a leading fintech startup in Africa that operates a mobile payment service and has raised over $700 million in funding. With strong backing from investors like SoftBank and rapid user adoption, OPay has seen tremendous growth across Africa and has the potential to continue expanding. This article analyzes OPay’s funding rounds, user metrics, and future outlook.
OPay completed multiple funding rounds totaling over $700 million
According to public data, OPay has completed four funding rounds so far, raising a total of over $700 million from investors. The latest round was a $400 million Series C in September 2021 led by SoftBank Vision Fund. Previous investors include Redpoint, Source Code Capital, Bertelsmann Asia, Sequoia China, and GSR Ventures. The capital has helped OPay scale up its mobile payment and financial services offerings across Africa.
OPay is experiencing exponential user growth in Africa
As one of the fastest growing fintech startups in Africa, OPay has seen tremendous user adoption. According to company data, OPay grew from 300,000 daily active users in 2019 to over 5 million daily active users as of 2022. The total registered user base is over 18 million currently. Such growth is a strong signal that OPay’s services like mobile payments, agent banking, lending are gaining mainstream popularity across the African markets it operates in.
OPay expected to continue expanding user base and offerings
With ample funding and strong product-market fit, industry analysts expect OPay will likely continue its hypergrowth trajectory in the coming years. Additional products like insurance, savings, investments can further drive user stickiness and revenue streams. Also, geographical expansion into more African markets provides room for sustaining high growth rates. If executed well, OPay could cement itself as the leading financial services super app in Africa.
In summary, Africa fintech startup OPay has experienced tremendous growth fueled by over $700 million in capital raise and fast user adoption across payment solutions and financial services. OPay is expected to continue expansion to more African countries which will likely translate to a ballooning user base of tens of millions in the next few years.