Softbank makes first investment in Africa for Vision Fund

Image Credit: Pixabay

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.

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