OPay, an African fintech platform, could be raising US$400M, according to reports.
OPay states to have processed US$1.4B in payments on its own in October 2020. By December, the figure had risen to US$2B.
This year, the Chinese-backed startup plans to raise up to US$400M to grow further.
The funding comes two years after OPay announced two investment rounds in 2019, one in June for US$50M and the other in November for US$120M.
SoftBank, Sequoia Capital China, IDG Capital, SoftBank Ventures Asia, GSR Ventures, and Source Code Capital are among the Chinese investors who have invested US$170M so far.
Also read: Mergers and Acquisitions in African Fintech
The OPay mobile money platform was launched in Lagos in 2018 by Opera, a company best known for its internet search engine and browser.
The company also announced last year that it had obtained an international money transfer license, with a collaboration with WorldRemit in the pipeline.
OPay’s value will potentially increase to US$1.5B with the new US$400M funding, according to the report.