Fintech
OPay announces its first monthly profit with nearly 10 million daily active trading users
SINGAPORE, May 9, 2024 /PRNewswire/ — OPay, the leading Fintech company focused on emerging markets, today announced its first historic monthly profitability, with daily active trading users surpassing 9 million and is poised to cross the threshold of the 10 million. This marks a significant milestone in OPay’s remarkable journey.
OPpay
Since its inception in 2019, OPay has provided cutting-edge payments, digital wallet and other financial services to customers in Africa and Asia. Harnessing the power of artificial intelligence and big data, OPay delivers innovative financial technology solutions that reshape the traditional financial landscape. Currently, OPay’s services span countries including Nigeria, Egypt, Pakistan and other countries.
By integrating advanced financial technology into local financial ecosystems through technological innovation, OPay has been instrumental in supporting the digital transformation of local businesses and providing affordable financial services to large populations in Africa and the Middle East who are underserved or lack access traditional banking. After five years of relentless innovation and growth, OPay has established itself as a market leader in Nigeria and Egypt, playing a vital role in promoting inclusive finance in emerging markets.
Yahui Zhou, President of OPay, commented: “OPay’s mission is to make financial services more inclusive through technology. We will continue to uphold our long-term perspective, remain rooted in our principles, create value for our customers and to strengthen our capabilities in four key areas: security, data analytics, monetization and compliance. Our aspiration is to become the most respected, popular and socially valuable Fintech company.”
OPay’s rapid growth and exceptional performance in Africa and the Middle East have attracted international media attention and industry recognition. In February 2022, Forbes reported that OPay provided innovative financial technology solutions in the Middle East and North Africa. In June 2022, CNN conducted an in-depth report on the development of OPay in Nigeria, recognizing it as a leader and pioneer in business transformation in Africa. Additionally, OPay has been selected as one of the CB Insights Global Fintech 250 for three consecutive years. In 2023, OPay was also named to the CNBC Global Fintech 200.
In a strategic move in May 2022, OPay partnered with Mastercard, cementing its status as a trusted partner of the world’s leading financial institutions. This collaboration has significantly expanded digital commerce opportunities for millions of individuals in the Middle East and Africa, promoting greater financial inclusion, economic growth and the further creation of a robust financial ecosystem.
In early 2023, Pakistani President Arif Alvi met with OPay President Yahui Zhou to discuss the vast potential of Pakistan’s digital economy. The two sides engaged in in-depth discussions on how OPay’s cutting-edge Fintech technology could help Pakistan achieve a cashless society and embrace the digital economy with artificial intelligence. The Pakistani President expressed his deep admiration for OPay’s achievements and aspirations, hoping that OPay can bring advanced Chinese fintech to significantly contribute to Pakistan’s digital economy and the development of inclusive finance.
Since its inception, OPay has attracted investments from numerous top-tier domestic and international investment institutions. In November 2019, OPay successfully closed a $120 million B-round financing, with investors including Long-Z Investments, Source Code Capital, IDG Capital and HongShan (formerly known as Sequoia China). In 2021, OPay raised a $400 million C-round financing led by SoftBank Vision Fund, with follow-on investments from Long-Z Investments, HongShan (formerly known as Sequoia China), Redpoint China Ventures, Source Code Capital, SoftBank Asia Fund, and 3W Capital, the post-investment valuation reached $2 billion.
By April 2024, OPay had established a strong position in emerging markets, serving over 50 million users and 1 million merchants, boasting monthly transaction volumes in excess of $12 billion. With daily active trading users approaching the 10 million mark, OPay has also created a significant impact, driving 400,000 direct and indirect job opportunities.
A recent report by BCG and QED Investors titled “Global Fintech 2023: Reshaping the Future of Finance” predicts six-fold growth in fintech revenues, from $245 billion in 2021 to a staggering $1.5 trillion by 2030. In particular, Africa is poised to emerge as one of the fastest growing regions in the global Fintech landscape, with an expected compound annual growth rate of 32% for Fintech revenues.
Looking ahead, OPay remains committed to expanding its reach into emerging markets such as Nigeria, Egypt and Pakistan, while also venturing into new countries and regions. The company aspires to provide safer, more convenient and inclusive financial services to its users, significantly contributing to the development of local digital economies. OPay’s vision is to serve 1 billion users and 10 million merchants, ultimately creating 3 million job opportunities by 2031.
SOURCE OPaga