The latest marker of Chinese interest in African fintech is a $120 million funding round for OPay

Chinese interest in African fintech has just stepped up another gear. OPay, the payments service operating in Nigeria, has raised $120 million in a Series B round led mainly by Chinese investors including familiar names like Sequoia China, IDG Capital and Source Code Capital. It’s the second major funding announcement by OPay this year and comes just five months after it raised $50 million back in July in a round also led by Chinese investors.