Funding round
OPay Series B
OPay, which works in digital payment solutions services in Ikeja, raised $120M in a Series B round announced on 18 Nov 2019. 12 firms took part. It is OPay's first venture round on record.
$120M
Amount raised
Not disclosed
Post-money valuation
12
Investors
no lead named
Valuation
What this round says about the price
OPay did not disclose a valuation in this round. It is OPay's first venture round on record, 1 year after it was founded in 2018. It is 23% of the $520M OPay has raised in the venture rounds on record. OPay raised again 21 months later: a Growth round of $400M in Aug 2021, at $2.00B post-money.
OPay's funding rounds
OPay has 2 venture rounds on record. This one is highlighted.
- Series B this round 18 Nov 2019 $120M
- Growth 24 Aug 2021, led by SoftBank Vision Fund $400M$2.00B post-money
Investors
Who put money in
12 firms took part; no lead investor was named.
Investors
- Meituan-Dianping new investor
- DragonBall Capital new investor
- backs 23 venture-backed companies new investor
- backs 35 venture-backed companies new investor
- backs 53 venture-backed companies new investor
- Bertelsmann Asia Investments (BAI) new investor
- Redpoint China new investor
- IDG Capital backs 49 venture-backed companies new investor
- HSG backs 118 venture-backed companies new investor
- GSR Ventures new investor
- backs 17 venture-backed companies new investor
- Redpoint Ventures backs 194 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
38 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $35M, and this round was 3.4 times the median. The closest in time, other companies' Series B rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 28 Oct 2019 | $65M | not disclosed | Digitalis Ventures |
| Payment Processing & Point of Sale | 24 Oct 2019 | $35M | not disclosed | Goldman Sachs |
| Payment Processing & Point of Sale | 10 Oct 2019 | $15M | not disclosed | eWTP Fund and China Merchants Venture Capital |
| Payment Processing & Point of Sale | 15 Oct 2019 | $7.0M | not disclosed | not named |
| Payment Processing & Point of Sale | 13 Sep 2019 | $67M | not disclosed | Lightspeed Venture Partners and Tiger Global |
| Greenlight Payment Processing & Point of Sale | 16 Sep 2019 | $54M | not disclosed | Drive Capital |
| Flutterwave Payment Processing & Point of Sale | 21 Jan 2020 | $35M | not disclosed | Greycroft and eVentures |
| Payment Processing & Point of Sale | 23 Sep 2019 | $4.8M | not disclosed | not named |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did OPay raise in its Series B round?
OPay raised $120M in its Series B round, announced in Nov 2019.
Which investors took part in OPay's Series B round?
Meituan-Dianping, DragonBall Capital, Gaorong Ventures, Source Code Capital, SoftBank Ventures Asia and Bertelsmann Asia Investments (BAI) and 6 more.
What was OPay's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Payment Processing & Point of Sale?
38 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $35M, and this round was 3.4 times the median.
Did OPay raise again after this round?
Yes: a Growth round in Aug 2021 of $400M at $2.00B post-money.