OZÉ, a Ghana-based fintech startup has closed a $700k seed round from Anorak Ventures and Matuca Sarl, and angel groups like Nigeria’s Rising Tide Africa joined existing investors Ingressive Capital and MEST.
Founded in 2017, the startup helps small businesses grow by digitizing their operations and providing them with access to affordable capital. It launched its beta app in 2018 making it easy for MSMEs to track sales, expenses, and customer information. This data is analyzed to provide tailored recommendations, reports, and business education. So far, OZÉ boasts of having 25,000 registered users.
“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.”
“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.”
The company intends to use the funding to grow its team, expand to Nigeria, and promote the newly launched iOS version of its business app.