Leading Chinese innovators are now investing in Nigeria's OPay platform.

OPay, a Nigeria-based startup, recently secured a record $50 million funding round, marking the largest for any Nigerian tech startup in 2019. With these funds, OPay plans to strengthen its presence in Nigeria across its suite of digital businesses, such as ORide and OFood, while also eyeing expansion into other African markets.

Founded by the Norwegian tech company Opera after its acquisition of PayCom, a Nigerian fintech service, OPay was launched in 2018 and initially benefitted from Opera's $40 million investment fund aimed at the Nigerian market.

The latest funding round attracted notable Chinese investors, including Sequoia Capital, IDG Capital, Source Code Capital, GSR Ventures, and Meituan-Dianping. Opera also contributed to this round. This interest from Chinese firms is partially driven by Opera’s recent re-entry as a China-based company, following its acquisition by a Chinese investor consortium for $600 million three years ago.

These investors bring significant experience in supporting innovative companies that grow into major players. For example, Source Code Capital previously invested in ByteDance, the company behind TikTok, and in Mogu, a fashion-tech company valued at $1.3 billion at its 2018 Nasdaq listing. IDG Capital and Sequoia Capital have also backed giants like Tencent, Alibaba, and Xiaomi, while Sequoia China has helped develop powerhouse companies such as JD.com and Didi Chuxing.

Meituan-Dianping, a recent backer and a global leader in on-demand delivery, is another prominent player joining OPay's investor lineup. Its experience in food delivery, which OPay aims to leverage through OFood, could offer valuable insights for the company.

With this backing, OPay stands to gain from these investors' resources, networks, and industry know-how to become a prominent force in Nigeria and potentially beyond. The success of firms like Didi Chuxing and Meituan-Dianping exemplifies how OPay might capitalize on this robust support to drive its growth and innovation.