OZÉ a fintech startup based in Ghana has recently raised US$700,000 seed round funding.
The startup is focused on supporting small businesses in accelerating their operations digitally while offering them access to capital.
Taking part in the funding round includes Matuca Sarl, Anorak Ventures and Nigeria’s Rising Tide Africa an angel group. MEST and Ingressive Capital also took part.
The round includes venture funds like Anorak Ventures and Matuca Sarl, and angel groups like Nigeria’s Rising Tide Africa, who join existing investors Ingressive Capital and MEST.
The Ghanaian based startup confirmed that the raised seed funding would be used to grow its team, promote its newly launched iOS and expansion to Nigeria.
OZÉ was launched in 2018 to assist SMEs to record their daily activities ranging from expenses to sales. The startup then combines these data to offer insights useful for recommendation.
The startup in 2020, piloted a small loan portfolio, coming up with an annual projection of 43 percent return on investment.
Employing machine and data learning, OZÉ predicts credit risk for SMEs and make provision for affordable capital obtained from its banking partners.
So far, the startup’s mobile app has more than over 25,000 registered users, having recorded over 250,000 transactions worth over US$50 million.
Dave Emnett, Co-founder and Chief Operating Officer of OZÉ commenting on the secured seed round funding expressed his delight:
“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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