OPay, a Nigerian financial technology company, has raised $400 million in its latest round of funding.

The round, which has boosted OPay's valuation to $2 billion, was led by SoftBank Vision Fund 2 and was joined by DragonBall Capital and 3W Capital.

Previous backers including Sequoia Capital China, Redpoint China, Source Code Capital and Softbank Ventures Asia also participated in the round.

SoftBank expects the funding to enable OPay to extend its offering to adjacent markets and extend its business model in Egypt and other countries in the region.