This funding helps Opay attain unicorn status at a valuation of $2B. Here are the top-line bullets you need to know.
OPay, a fintech startup, has raised $400M in a Series C with participation from SoftBank Group, Source Code Capital, Sequoia Capital China, and 3W Partners, among others.
How’s the company performing?
- Nigeria-based OPay helps underbanked and unbanked Nigerian users make financial transactions through a network of agents.
- The company has more than 300,000 agents and over 5M users in Nigeria.
- OPay reported a monthly transaction volume of over $3B. Additionally, it processes almost 80% of all mobile money operator-based transactions and 20% of all nonmerchant point of sales (POS) transactions in Nigeria.
- The company’s partner base includes the World Health Organization, Interswitch, Betway, and Google, among others. The company reportedly has a market share of 70%.
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In Q2’21, VCs invested $30.8B in fintech companies — across 657 deals.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.