Ghanaian Fintech startup OZÉ, has just closed US$700,000 in a seed round deal. The company which is focuses on helping small businesses grow by helping them digitize their operations and also providing them with access to affordable capital intends to use the new capital injection to expand its operations into some neighbouring West African markets like Nigeria.
OZÉ was launched in 2018 to help small businesses record their sales, expenses, payables, and receivables. The platform then aggregates that data to provide context specific recommendations and reports.
The platform makes use of these collated data and combines it with machine learning to predict a business’ credit risk and provides it with affordable capital from its banking partners. OZÉ currently boasts of over 25,000 registered users. Its paying subscribers have so far executed more than 250,000 transactions with an approximate value of about US$50 million.
In 2020, OZÉ piloted a small loan portfolio, with no defaults and a projected annual 43 per cent return on investment.
Participating outfits in this seed round funding include venture funds like Anorak Ventures and Matuca Sarl, and angel groups like Nigeria’s Rising Tide Africa; they joined existing investors Ingressive Capital and MEST on the project.
OZÉ intends to make use this funding to grow its team and expand into other markets, particularly Nigeria, where it says it would be promoting the newly launched iOS version of its business app.
“I couldn’t be more excited about what’s next for OZÉ,” said the startup’s co-founder and chief operating officer (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.”
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