Opay
Founded Year
2018Stage
Corporate Minority | AliveTotal Raised
$570MMosaic Score The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.
-38 points in the past 30 days
About Opay
Opay operates as a company in the financial technology sector, with a focus on providing digital banking solutions. The company offers services such as easy money transfers, bill payments, and the provision of debit cards, all aimed at simplifying financial transactions for its users. It primarily serves the financial services industry. The company was founded in 2018 and is based in Lagos, Nigeria.
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Research containing Opay
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Opay in 2 CB Insights research briefs, most recently on Jul 8, 2022.
Expert Collections containing Opay
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Opay is included in 4 Expert Collections, including Unicorns- Billion Dollar Startups.
Unicorns- Billion Dollar Startups
1,244 items
Payments
3,033 items
Companies in this collection provide technology that enables consumers and businesses to pay, collect, automate, and settle transfers of currency, both online and at the physical point-of-sale.
Fintech
13,396 items
Excludes US-based companies
Fintech 100
849 items
250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.
Latest Opay News
Sep 9, 2024
OPay, Other Fintech Companies Begin N50 EMTL Deduction Previously applied only to commercial banks, the EMTL has now been extended to fintech companies. News Highlights: Starting Monday, September 9, 2024, fintech companies like OPay, Moniepoint, Palmpay, and Paga will begin deducting a N50 Electronic Money Transfer Levy (EMTL) for every inflow of N10,000 and above. This move, in compliance with the Federal Inland Revenue Service (FIRS) directive, marks the end of the free banking services previously offered by some fintechs. OPay and other fintech companies will on Monday, September 9, 2024, commence the deduction of N50 Electronic Money Transfer Levy (EMTL) from every inflow of N10,000 and above received by their customers. The fintech companies said the deduction is in compliance with the Federal Inland Revenue Service (FIRS) directive. Digital TimesNG understands that this mandatory deduction brings to an end, an era of free banking services that some of the fintech companies provide, even though the charges go to the federal government. In a short message contained in an email circulated to its customers on Saturday, and titled: ‘FGN Electronic Money Transfer Levy’ OPay stated: “Dear Valued Customer, “Please, be informed that starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account, in compliance with the Federal Inland Revenue Service (FIRS) regulations. “It is important to note that OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government.” Uuntil now, the EMTL applied to only commercial banks but has now been extended to all fintechs including Moniepoint, Palmpay, Paga, among others. Observers say this extension may not be unconnected with moves by the federal government to shore up its revenue through the expansion of taxes and levies. The Electronic Money Transfer Levy (EMTL) is a one-time charge of N50 on electronic money transfers or receipts in Nigeria. It applies to all electronic transfers of funds in a Nigerian-licensed bank or financial institution, with the following exceptions: Transfers under N10,000; Money paid into one’s own account; and Money transferred electronically between accounts of the same owner within the same bank The EMTL was introduced in the Finance Act 2020 to encourage the growth of electronic funds transfers in Nigeria. Revenue from the EMTL is shared among the three tiers of government. Revenue derived from the EMTL is shared among the three tiers of government based on derivation, with the Federal Government receiving 15%, state governments receiving 50% and local governments getting 35%.
Opay Frequently Asked Questions (FAQ)
When was Opay founded?
Opay was founded in 2018.
Where is Opay's headquarters?
Opay's headquarters is located at Central Business District,100212, Lagos.
What is Opay's latest funding round?
Opay's latest funding round is Corporate Minority.
How much did Opay raise?
Opay raised a total of $570M.
Who are the investors of Opay?
Investors of Opay include Opera, Source Code Capital, HongShan, Longzhu Capital, SBVA and 10 more.
Who are Opay's competitors?
Competitors of Opay include Nomba, Chipper Cash, PalmPay, OjirehPrime, Stax and 7 more.
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Compare Opay to Competitors
Interswitch is a technology-driven company focused on payments and digital commerce in the financial technology sector. The company offers a range of services including everyday payment solutions for individuals, business transaction processing for SMEs and corporates, mobile financial services, and industry-focused payment solutions. Its primary market includes individuals, small and medium enterprises, and various industries across Africa. It was founded in 2002 and is based in Lagos, Nigeria.
Mono is an open banking platform that specializes in providing financial data access and payment solutions. The company offers services such as financial account linking, bank statement collection, and direct bank payment processing, designed to facilitate seamless financial transactions and data management for businesses. Mono primarily serves businesses in the financial technology sector, enabling them to access and manage customer financial data and execute payments. It was founded in 2020 and is based in Lagos, Nigeria.
Chipper Cash is a financial technology company that specializes in enabling cross-border payments and financial inclusivity in Africa. The company offers services such as mobile money transfers, digital payment cards, personal and business investment platforms, and artificial intelligence-led identity verification. It was founded in 2018 and is based in San Francisco, California.
Kuda operates in the financial services sector. The company offers a range of services including money transfers, savings and investment options, and credit facilities such as overdrafts and term loans. Kuda primarily serves individuals and businesses, providing solutions for personal finance management and business operations. Kuda was formerly known as Kudimoney Bank. It was founded in 2018 and is based in Lagos, Nigeria.
Fincra is a company that focuses on providing payment solutions, operating within the financial technology industry. The company offers a range of services including online and offline payment processing, multicurrency accounts, and no-code Pay-In options, all designed to facilitate secure and efficient transactions for businesses. Fincra primarily serves sectors such as ecommerce, travel and hospitality, and logistics. It was founded in 2019 and is based in Toronto, Ontario.
Ogaranya specializes in Online-to-Offline (O2O) commerce, focusing on convenience commerce via text in various sectors. The company offers a platform for seamless transactions without the need for app downloads, enabling purchases, bill payments, and customer interactions through text-based messaging and USSD banking apps. Ogaranya's services cater to enterprises, individuals, small businesses, emerging markets, and startups. It was founded in 2015 and is based in Nigeria.
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