OZÉ, a Ghanaian fintech startup that provides MSMEs with digital recordkeeping tools integrated with financial products, has raised a US$3 million pre-Series A funding round to extend the platform’s capabilities and improve access to low-cost funding.
Speedinvest, Cathay AfricInvest Innovation Fund, Savannah Fund, and other angels “experienced in managing and investing in global fintech” participated in the investment round, which was led by Speedinvest.
To help small businesses keep track of their sales, expenses, payables, and receivables, OZÉ was first launched as a beta version in 2018.
“The digitization of business has seen a significant transition in the recent decade. Dave Emnett, co-founder of OZÉ, says the epidemic has accelerated the need for solutions to financial difficulties like collecting payments and knowing cash levels, as well as getting loans to expand stock for busy periods.
The OZÉ platform’s monthly active user base increased 1,200% last year.
From the third to the fourth quarters of 2021, the number of loans authorized climbed by 200 percent on a quarterly basis.
The startup plans to use the funding to extend the platform’s capabilities and boost the availability of affordable financing in Ghana and Nigeria through its collaborations with well-known financial institutions.