OPay raises $400M Series C led by SoftBank Vision Fund 2 at $2B valuation

In August 2021, OPay closed a $400 million Series C financing led by SoftBank Vision Fund 2, marking the fund’s first investment in an African startup. The round valued the company at $2 billion post-money and brought total funding to approximately $570 million. Existing and new primarily China-based investors participated.

The capital was intended to support expansion in existing African markets such as Nigeria and Egypt, as well as entry into additional countries in Africa and the Middle East. At the time, OPay reported monthly transaction volumes exceeding $3 billion and had built a large agent network in Nigeria following its pivot to fintech.

The deal positioned OPay as one of Africa’s largest fintech unicorns at the time. As of 2026 the company continues to operate as a private entity with reported later implied valuations between $2.7–4 billion ahead of a potential US IPO.

OPay provides mobile payments, digital wallets, money transfers, bill payments, savings products, and other financial services through its app and extensive agent network. It targets underbanked and unbanked populations, primarily in Nigeria, where it operates a large network of agents and merchants. The company has expanded to Egypt, Pakistan, and Indonesia.

Originally incubated by Opera, OPay pivoted to focus exclusively on fintech after exiting ride-hailing. It holds regulatory licenses including a microfinance bank license in Nigeria. The business model combines consumer-facing apps with merchant and agent services, leveraging technology for financial inclusion in high-cash economies.