How much OPay was funded in 2021

How much OPay was funded in 2021

To many Nigerians, the name Opay is a saving grace, particularly during the “no cash/failed bank transfers era”. Opat stepped into the financial game and bossed everyone (new and stale financial institutions). Simply put, they saved many Nigerians and were handsomely rewarded with the trust of Nigerians by this action.

This piece seeks to enunciate and explain how much Opay was funded in 2021. Before we delve into all that, we’d like to explain what Opay is and how they became a modern household name in Nigeria.

What is Opay?

For many who don’t know, Opay has been in the Nigerian financial space for 6 years now. Opay’s first known appearance was in 2018. It is owned by the Operan browser Company. The company used the first initials “Opera” and created the Opera Payment multinational company.

This payment solution is mostly used in Africa; particularly, Nigeria. It is a web and mobile payment processing company. However, most of the usage is done on the mobile.

Just as it was explained earlier, the product “Opay app” is vasty used in Nigeria (Western part of Africa). The product is been used by the 36 states in Nigeria. The company first started as a bill payment processing company. They processed electricity, cable bills, etc.

How much OPay was funded in 2021: Opay’s Acceptance into the Nigerian market

Opay celebrated 5 years of active service in Nigeria in 2023. They came into the Nigerian market at a time when online payment processing wasn’t largely accepted. In the northern part of Nigeria, they had a service; O-Ride, OFood, but these products and services soon received little or no acceptance by the Nigerian people. 

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Gradually with persistence and dedication they penetrated the Nigerian market and now, they boss the Nigerian Financial space.

To celebrate their 5th year anniversary, they launched a new logo.

How much OPay was funded in 2021

In 2021, Opay was funded $400 million by Soft Bank Vision Fund 2. The funding was done on the 23rd of August 2021. 

According to reports, there were three rounds for raising funds. At the end of the three rounds, Opay surprisingly raised over $580 million. 

Down the line, in 2023, Opay was valued at $2B. During this evaluation, it was discovered that Opay has over 40 million active users, more than 500,000 agents and approximately, 300,000 active merchants.

Conclusion

Without any iota of doubt, the lesson from this piece is to persevere and be dedicated. If you are to leave with any lesson, leave with the fact that you should persist.

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