BezoMoney, a Ghanaian digital savings startup, has raised US$200,000 in a seed funding round led by Goodsoil VC, a London-based venture capital company, to boost its further growth and expansion.
BezoMoney is a fintech company that creates and delivers digital financial services to the unbanked and younger population.
BezoMoney is a platform that helps users save, earn capital through community savings, and create a savings and credit history. It was established in 2019 by Mubarak Sumaila and Diana Osei after their participation in Meltwater Entrepreneurial School of Technology (MEST Ghana).
“From the beginning, our mission has been to assist the unbanked in achieving upward social mobility. In Africa, there are a lot of people who work in the informal sector, and their lives rarely change from year to year. “Through our study, we discovered that this is due to their restricted access to formal financial services, which stems from their inability to establish verifiable credit histories, despite the fact that they save and borrow through informal financial schemes,” said Sumaila, BezoMoney’s CEO.
The BezoMoney team, according to Orla Enright, general partner of GOODsoil VC, is providing unbanked and youthful consumers with easy access to efficient and scalable wealth-generating resources that are traditionally difficult to access.
The funds will be used to obtain a Payment and Financial Technology Service Providers (PFTSP) license in Ghana, as well as to develop and launch new products such as BezoCredit, a zero-interest credit product, and BezoInvest, an investment product. It also allows users to invest their savings as well.
Furthermore, the company intends to massively increase its user base, grow its team, and scale across Ghana.