OZÉ, a fintech startup based in Ghana, which focuses on helping small businesses grow by digitising their operations and providing them with access to affordable funding, has secured a US$700,000 seed funding round to grow its team and expand to Nigeria.
launched as a beta in 2018, OZÉ is a mobile app that allows small businesses to record their profits, expenditures, payables and receivables. The platform then aggregates the information t o provide context-specific suggestions and reports.
The start-up forecasts the credit risk of a company and provides it with accessible funding from its banking partners using this data and machine learning. OZÉ has more than 25,000 transactions worth more than US$50 million on its app so far.
OZÉ piloted a small loan portfolio in 2020, with no defaults and a forecast annual return on investment of 43 percent.
The round includes venture funds such as Anorak Ventures and Matuca Sarl, and angel groups such as Rising Tide Africa of Nigeria, joining Ingressive Capital and MEST as current investors. OZÉ will use the funding to develop its staff, expand into Nigeria, and promote its business app’s newly released iOS version.
Dave Emnett, the co-founder and chief operating officer (COO) of the startup said, “I couldn’t be more excited about what’s next for OZÉ. 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.”
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