A $700k Seed Round was closed last week by OZÉ, a Ghana-based fintech start-up focused on helping African small businesses grow by digitising their operations and providing them with access to affordable capital. In this round, venture funds such as Anorak Ventures and Matuca Sarl and angel groups such as Nigeria’s Rising Tide Africa have joined existing investors Ingressive Capital and MEST. The fast-growing company will use the funding to expand its team, expand to Nigeria, and support the newly launched iOS version of its business app.
A increasing number of active users and paying subscribers have registered more than 250,000 app transactions (with a value of more than $50 million) since OZÉ launched its beta app in Ghana in 2018. A small loan portfolio without defaults and a forecast annual ROI of 43 percent was piloted by OZÉ in 2020.
“Co-founder & COO, Dave Emnett, says, “I couldn’t be more excited about what is next for OZÉ. “We are working with Paystack and other PSPs to enable our small and medium-sized enterprises to accept and send payments via the app and to partner with more financial institutions to broaden the success of OZÉ’s lending approach.”