Verda Ventures Unveils $40M Initiative With Opera to Back Blockchain Startups in Emerging Markets

The fund aims to support companies developing financial products centered on Opera's MiniPay wallet which was launched in Nigeria in 2023.

Verda Ventures, a global venture capital firm specializing in blockchain, has unveiled a $40 million initiative in collaboration with Opera, a web browser company, to back blockchain startups in emerging markets.

The fund aims to support companies developing financial products centered on Opera’s MiniPay wallet which was launched in Nigeria in 2023.

Co-investors in the fund include:

The MiniPay wallet, integrated into the Opera browser, which has 100 million users in Africa, is a self-custodial dollar stablecoin wallet built on the Celo blockchain. It facilitates cross-border stablecoin transfers between wallets using mobile phone numbers.

MiniPay allows users to send and receive money instantly via phone numbers, making financial transactions seamless and accessible even in areas with limited banking infrastructure. Since its launch in September 2023, MiniPay has grown to 4.8 million users, leveraging Opera’s 320+ million monthly active user base.

Startups supported by the MiniPay fund will leverage the wallet’s framework to develop financial products around it.

The fund offers access to Opera’s extensive distribution network and Celo’s resources, inviting builders to create blockchain-based solutions focused on identity management, remittances, and stablecoin banking.

“Partnering with Opera allows us to leverage stablecoin-powered solutions to bridge the financial access gap. MiniPay is uniquely positioned to empower individuals and businesses with essential financial services at a fraction of the cost,” said founding partner at Verda Ventures, Alex Witt.

According to Verda, the MiniPay Fund focuses on three key areas that drive financial growth in emerging markets:

Notable web3 Startups like:

FINTECH | Zambian Fintech, Save & Remit, Emerges Winner at the 2023 Africa Fintech Summit Pitch Competition in Lusaka, Zambia

have already joined the MiniPay ecosystem, Verda said.

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