Web browser group Opera hires ex-PayPal boss to lead its $100m+ fintech strategy

Opera’s fintech ambitions are today stepping up a gear with the addition of Allen Hu to lead its foray into the sector.

Hu, who spent a decade at PayPal until 2013 before working at Tencent and Baidu in China and then ended up at Sequoia Capital in Silicon Valley, will take the role of executive vice president of Dify—the recently launched in-browser cashback service.

Dify (pronounced “defy”) combines a personal cashback account with a virtual Mastercard debit card, letting browsers shop, earn and spend cashback without jumping through hoops.

“Opera’s approach to initially offer its 50m monthly active users in Europe an online in-browser cashback service as well as the Dify wallet app marks the start of many innovative financial services Dify will offer,” said Hu announcing his appointment.

“Just as PayPal captured the fintech world initially with its online payment solutions, I see huge potential for Opera to similarly disrupt financial services and become a key fintech player through Dify.”

Last month Paul Andrews, VP of fintech expansion at Opera, told AltFi that the company’s “huge commitment” to fintech is expected to reach $100m over the next two years, including the cost of its two previous acquisitions and the launch of Dify.

Other ideas being mulled by the listed web browser group include savings management, credit and investment opportunities.

Hu certainly brings a ton of experience with him, having seen the evolution of online payments from the earliest days of PayPal, through to his experience of the trendsetting Chinese market.