Ghanaian fintech startup OZÉ secures $3m to expand capacities of its platform
OZÉ, a Ghanaian fintech startup that offers MSMEs digital recordkeeping tools with embedded finance products, has raised a US$3 million pre-Series A funding round to expand the platform’s capabilities and increase access to affordable finance.
OZÉ, which was released in beta in 2018, is a mobile app that assists small businesses in recording their sales, expenses, payables, and receivables. The data is then aggregated by the platform to provide context-specific recommendations and reports. The startup predicts a company’s credit risk using this data and machine learning and provides it with affordable capital from its banking partners.
OZÉ, which now has over 125,000 business owners as clients, recently closed a US$3 million pre-Series A round led by Speedinvest and including Cathay AfricInvest Innovation Fund, Savannah Fund, and several angels “experienced in operating and investing in global fintech.”
Through partnerships with well-known commercial banks, the startup will use the funds to expand the capabilities of its platform and increase access to affordable finance in Ghana and Nigeria.
“The last decade has seen a massive transformation in business digitisation.” “We are now seeing an even greater demand for solutions to financial challenges like accepting payments, understanding cash positions, and securing loans to increase stock for busy periods, which has been accelerated by the pandemic,” said OZÉ co-founder Dave Emnett.
The number of monthly active users on the OZÉ platform increased by 1,200% last year. From Q3 to Q4 of 2021, the number of loans granted increased by 200 percent quarter on quarter.
“Over the last year, there has been a lot of interest in the digitisation of SMEs in Africa.” We have also carefully observed the space because we believe there is enormous potential in developing financial operating systems for African MSMEs. “We are thrilled to be partnering with the OZÉ team because we believe they have the right leadership and strategy in place to build the strongest platform in this market,” said Philip Specht, principal at SpeedInvest.
