Welcome to The Draft, a Techloy weekly series that highlights the most interesting business and financial stories in the technology industry across emerging markets globally.
This week's edition of The Draft spotlights Africa's latest fintech unicorn: Opay, and features other top stories curated by the Techloy News team and edited by Loy Okezie while listening to Techloy Music.
Note: This post has been updated to reflect Opay's user numbers.
Chinese-backed, Nigerian-based fintech company Opay raised $400 million in a Japan-based SoftBank Vision Fund 2-led funding round, valuing the fintech company at $2 billion, making it Africa’s latest fintech unicorn, and marking the Japanese investment vehicle’s first bet in an African startup.
OPay, which claims monthly transaction value surpassing $3 billion, says it will use the new capital to strengthen its market position in Nigeria and Egypt and accelerate its expansion to other countries in Africa and the Middle East.
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