Africa’s fintech industry has seen an investment drought, brought on by the Covid-19 pandemic, but this seems to be nearing its end as venture capitalists, particularly those from China, are returning to the continent, reports the South China Morning Post.
After more than a year of staying away, funds are again looking at start-ups–particularly in fintech.
They include OPay, a mobile-payments platform based in Nigeria which last week said it had raised $400 million in a funding round led by Softbank Vision Fund 2, the investment vehicle of the Japanese conglomerate. It was also backed by a list of Chinese investors: DragonBall Capital, Sequoia Capital China, Source Code Capital, Redpoint China and 3W Capital.