Softbank’s Vision Fund 2 is making its first investment in Africa, leading a group of investors backing OPay, a mobile-based payments, transportation, and food and delivery platform with operations in Nigeria and Egypt. The giant tech investor’s Vision Fund 2 is leading a group of investors backing the firm with $400 million in a deal that values the 3-year old business at $2 billion. No further terms of the deal have been disclosed,
OPay will use the capital to cement its market position in Nigeria and Egypt as well as pursue expansion opportunities in the broader Middle East. The startup provides consumers with the opportunity to send and receive money, pay their bills, order food and groceries for delivery, and hail a motorbike ride-sharing service. The company has grown dramatically and reports that it is now used by 160 million customers and has processed transactions worth $490 billion.
To read this article, you must be a paid subscription member. (Current members login here
Reserve your digital subscription today
Join now for $35 per month
Join now for $395 per year
for access to:
- Weekly newsletter with original and curated news, analysis and perspective
- Africa’s private capital deals, fund raises and the investment firms and executives involved
- Portfolio company news that impacts value and stakeholder participation
- Job moves and partnerships between leading market participants
- Exclusive access to Africa Capital Digest’s full content archive
If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.