Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Africa-focused payment firm OPay raises $400 million in funding round led by SoftBank

08/24/2021 | 04:24am EST
FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo

BEIJING (Reuters) - 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.

(Reporting by Yingzhi Yang and Brenda Goh; Editing by Kim Coghill and Krishna Chandra Eluri)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.81% 512.69 Delayed Quote.-1.99%
MEITUAN -2.66% 241.2 End-of-day quote.-18.13%
S&P AFRICA 40 INDEX -0.66% 166.78 Delayed Quote.-2.95%
SOFTBANK GROUP CORP. -0.71% 5559 End-of-day quote.-31.01%
Latest news "Economy & Forex"
03:58aCHINA SECURITIES REGULATOR : Says has achieved positive progress in promoting cooperation on some key issues with sec and pcaob
RE
03:57aCHINA SECURITIES REGULATOR : Says has held candid, and constructive communications with sec and pcaob
RE
03:56aCHINA SECURITIES REGULATOR : Says chinese govt policies are not targeting specific industry or private companies, and has no connection with firms' overseas listing
RE
03:53aCHINA SECURITIES REGULATOR : Says it understands some domestic firms are actively communicating with domestic and overseas regulators to list in the u.s.
RE
03:51aCHINA SECURITIES REGULATOR : Says will continue to communicate with u.s. counterpart to resolve accounting and regulating issues
RE
03:50aCHINA SECURITIES REGULATOR : Says media report that china will ban companies with vie structure from u.s. listing is total misunderstanding and misreading
RE
03:48aCHINA SECURITIES REGULATOR : Says respects chinese companies' choice of listing venues on the basis of compliance
RE
03:32aECOWAS Mission Observes the Presidential Election in The Gambia
PU
03:32aMINISTRY OF COMMERCE AND INDUSTRY OF REPUBLIC : For harnessing agricultural and food products exports potential from eastern Uttar Pradesh, APEDA organized ‘Agri-export conference cum Buyer Seller Meet' at Mirzapur
PU
03:00aWestern companies are blind to Ugandan investments - President Museveni
RE
Latest news "Economy & Forex"