Accra-based fintech startup, BezoMoney, has raised US$200k in a seed funding round led by Goodsoil VC, a venture capital firm based in London.
According to the fintech, the funding will be used to acquire the Payment and Financial Technology Service Providers (PFTSP) license in Ghana, build and deploy new products including BezoCredit, an interest-free credit product, and BezoInvest, an investment product.
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BezoInvest will allow users to invest their savings. In addition, the funding will be used to grow its user base, expand its team, and scale across the country.
“Mubarak and his BezoMoney team are providing the unbanked and young people with easy access to powerful and flexible wealth-generating tools that are typically hard to access. We are excited to partner with BezoMoney to accelerate their growth and assist them in their scale,” Orla Enright of Goodsoil VC said.
Its flagship product called BezoSusu is a digital-personal saving and group savings product that allows users in the informal sector to reach their savings goals. According to the fintech, BezoSusu is built on USSD and is integrated with Mobile Money to allow users to transact via their Mobile Money wallets.
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In order to provide its services and products, BezoMoney partners with existing financial institutions and mobile operators to meet the regulatory requirements.
Currently, the fintech is working on beta testing and launching BezoSusu 2.0, launching the BezoSmart Series that features a podcast to provide financial literacy content to the informal sector and to young individuals, and establishing partnership relations with financial institutions and mobile money providers.
“Our goal from the start has been to help the unbanked to gain upward social mobility. There are a lot of people in the informal sector in Africa and hardly do their lives improve in any way from year to year,” said Mubarak Sumaila.
“Through our research, we realized that this is a result of their limited access to formal financial services which stems from their inability to build verifiable credit histories even though they save and access credit through informal financial schemes.”
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