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OPay Seeks to Raise $400 Million For Expansion Signaling Chinese VCs May Be Ready to Return to Africa

by Eric Olander

The Chinese-backed African fintech platform OPay is reportedly in talks with investors to raise as much as $400 million at a valuation of more than $1.5 billion, according to a report in The Information. That valuation, by the way, is three times higher than the last time the company was appraised.

The Nigeria-based company that was founded by Chinese tech billionaire Zhou Yahui and includes some very high profile Chinese backers, including the e-commerce company Meituan, wants to use the new capital to fuel its expansion into other African markets.

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