OPay
Founded
2018, originally launched as Paycom before being rebranded as OPay after acquisition and incubation by Opera Limited.
Founders & Leadership
Founded and backed by Opera Limited (the tech company behind the Opera browser).
Yahui Zhou (Chairman & influential leader associated with OPay’s strategic direction under Opera).
Location
Lagos, Nigeria — with major operational presence in Nigeria and expanded operations in Egypt and other African markets.
Industry
FinTech / Mobile Payments / Digital Financial Services — providing digital wallets, transfers, payments, savings, loans, merchant services, and more.
Overview
OPay (“Opera Pay”) is a mobile‑first financial platform designed to accelerate financial inclusion, especially among unbanked and underbanked populations in Africa. Its platform combines a digital wallet, payment processing, bill payments, airtime/data top‑ups, savings products, loans, and agent‑based cash in/out services. OPay operates via mobile apps and an extensive agent network that bridges digital finance with physical cash access.
It initially experimented with a super‑app model (including ride‑hailing and food delivery), but most non‑core verticals were later streamlined to focus on financial services.
Core Features & Capabilities
Mobile Wallet & Transfers: Instant money transfers and payments via mobile app.
Bill Payments: Utility and service bill payments directly through the platform.
Airtime/Data Top‑Up: Purchase phone airtime and data with cashback incentives.
Savings & Wealth Products: OWealth offers daily interest on wallet balances.
Debit Cards: Free or low‑fee debit card issuance for convenient cashless transactions.
Merchant Services & POS: Subscriptions and point‑of‑sale solutions for small and medium businesses.
Agent Network: Hundreds of thousands of mobile money agents provide cash‑in/cash‑out and onboarding services.
Target Market
Unbanked & underbanked individuals seeking affordable, digital financial services.
Small businesses and merchants requiring digital payment acceptance and merchant services.
Everyday consumers using mobile finance for transfers, bill payments, savings and loans.
Value Proposition
Inclusive finance: Provides access to financial services for people without traditional bank accounts.
Convenience & speed: Instant digital transfers and low‑friction services via mobile app and agent network.
Low or no fees: Competitive pricing, welcome bonuses, cashback incentives and inexpensive debit cards.
Agent reach: Extensive agent network enables cash accessibility in areas with limited banking infrastructure.
Funding & Funding Stage
Key Funding Rounds
Series A & B (2019): Early rounds included ~$50M and ~$120M to support expansion of payments and other services.
Series C (2021): $400 million raised in a round led by SoftBank Vision Fund 2, resulting in a ~$2 billion valuation, making OPay one of Africa’s largest fintech startups.
Total funding: Around $570 million+ raised across rounds as of late 2025.
Recent Status & Market Context
OPay processes billions of dollars in monthly transactions, underlining its role in digital finance infrastructure, particularly in Nigeria and expanding African markets.
The platform has expanded to Egypt and other regions, reflecting a broader strategy to scale beyond Nigeria.
Market valuation estimates as of 2024–2025 suggest continued strong investor confidence, with valuations reported between US$2 billion and approaching US$3 billion.