BusinessFundingNewsStart-ups

Ghanaian Fintech Startup OZÉ Raises $700k In Seed Funding Round

OZÉ, a Ghana-based fintech startup focused on helping African small businesses grow by digitizing their operations and providing them with access to affordable capital, has raised a $700k Seed Round to expand out of Ghana.

“I couldn’t be more excited about what’s next for OZÉ,” says Co-founder & COO, Dave Emnett. “We’re integrating with Paystack and other PSPs to allow our SMEs to accept and send payments through the app and partnering with more financial institutions to expand on the success of OZÉ’s approach to lending.”

Investors in this round include Anorak Ventures and Matuca Sarl, and angel groups like Nigeria’s Rising Tide Africa joined existing investors Ingressive Capital and MEST. 

The startup will use the funding to grow their team, expand to Nigeria, and promote the newly launched iOS version of it’s business app.


Image

Click here to find out more!

In Ghana and across Sub-Saharan Africa, many small businesses can’t access capital. In fact, the MSME credit gap in Sub-Saharan Africa is $331 billion. That means African lenders are missing out on up to $80 billion in annual interest income. Why? Because lending to MSMEs is hard. Many are still keeping records on paper, have no formal business education, no credit history, weak or no collateral, and/or opaque operations. OZÉ solves this problem. Its award-winning business app and proprietary credit risk algorithm make it profitable for banks to make no-collateral loans to MSMEs.

Read also: How To Choose The Best mPOS For Your Business

“The OZÉ Flywheel makes profitable lending to MSMEs possible for banks.” says Co-founder & CEO, Meghan McCormick. “Using OZÉ already screens for the type of entrepreneurs banks should want to lend to and as entrepreneurs keep using OZÉ they can access more funds at a lower risk to the bank.”

Read also: A Bank In Every Pocket

Founded in 2017, the OZÉ Business App makes keeping financial records habit-forming by making it fun. Users earn gold coins when they track sales and expenses, send digital receipts and invoices, and remind customers to pay what they owe, all from their smartphones. A business dashboard shows how the business is trending and a business coach is just a click away. Since OZÉ launched its beta app in Ghana in 2018, a growing number of active users and paying subscribers have recorded more than 250,000 transactions in the app (with a value of more than $50 million). In 2020, OZÉ piloted a small loan portfolio with no defaults and a projected annual 43% ROI.

Read full article here


GetFundedAfrica’s mission is to uplift people and economies in Africa through entrepreneurship; helping companies find funding, grow, create jobs and solve society’s greatest challenges

GFA Attract, GFA Mentorship Program & Application Portal For Funding

Would you like to be an impact mentor?

The African continent is going through a revolution driven by its startups. Your experience could help develop the next Facebook, Google or Netflix. You can be part of this story by volunteering your time to mentor an African startup. Apply Here

GFA Attract Interview With Mostafa Khaled Abdel Akher (Entrepreneur Edition)

In this episode of GFA Attract (Entrepreneur edition) we interviewed, Mr. Mostafa who graduated from the German University in Cairo in 2013, where he received a B.A degree in Management Technology with double core majors in Economics and Innovation. Mostafa now works with Makwa. An Egyptian startup focused on innovation, Makwa aims to offer convenience in the dry clean & laundry sector, through the application of digital technology. Watch Here

Apply For Funding

GetFundedAfrica provides equity capital from $1,000 to $50,000.
For larger amounts (Above $50,000)
we organize syndicated funding rounds of up to $500,000.
Apply Here

Follow Us

See the source image
See the source image

“Business is always a struggle. There are always obstacles and competitors. There is never an open road, except the wide road that leads to failure. Every great success has always been achieved by fight, every winner has scars. The men who succeed are the efficient few –they are the few who have the ambition and will-power to develop themselves. So choose to be among the few today.”

– Chris Kirubi, Centum Investment, Kenya

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button