OPay, an African fintech platform, could be raising $400 million, according to reports.
OPay states to have processed $1.4 billion in payments on its own in October 2020. By December, the figure had risen to $2 billion.
This year, the Chinese-backed startup plans to raise up to $400 million to grow further.
The funding comes two years after OPay announced two investment rounds in 2019, one in June for $50 million and the other in November for $120 million.
SoftBank, Sequoia Capital China, IDG Capital, SoftBank Ventures Asia, GSR Ventures, and Source Code Capital are among the Chinese investors who have invested $170 million so far.
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 $1.5 billion with the new $400 Million funding, according to the report.