SA fintech startup Ozow raises $48m Collection B funding spherical

South African fintech firm Ozow has raised a US$48 million Collection B funding spherical to assist it additional develop its product providing and develop into new markets.

Ozow, which rebranded from i-Pay in April 2019 because it zeroed in on helping SMEs with funds, was launched in November 2014 by Thomas Pays, Mitchan Adams and Lyle Eckstein, who recognized a necessity for an environment friendly and safe on-line fee system within the native market.

The corporate allows tens of millions of retailers and shoppers with straightforward, quick and safe various fee options, together with QR codes, level of sale, e-commerce, e-billing and peer-to-peer funds. Ozow works with main retailers, together with MTN, Vodacom, the Shoprite Group, Takealot, and Uber.

Ozow’s US$48 million Collection B spherical is led by Tencent, and likewise contains Endeavor Catalyst and Endeavor Harvest Fund. 

The most recent fundraising will assist Ozow’s efforts to remodel the banking ecosystem and create better monetary entry for the underbanked. It’s going to additionally help Ozow in cementing its place as one of many main fee suppliers on the continent, and assist it develop into new markets.

“It’s an honour to deliver on board Tencent, Endeavor Catalyst and Endeavor Harvest Fund. This can be a validation of our function in reworking the banking trade via the event of modern, handy, and extra inclusive fee options for everybody,” mentioned Pays.

Since Ozow’s Collection A funding spherical in June 2019, the corporate has seen 100 per cent year-on-year progress. It now processes over US$100 million in transaction volumes month-to-month throughout a community of hundreds of retailers. The corporate continues to see an elevated progress in its person base, with greater than 120,000 customers becoming a member of the platform every month.

Pays says the Collection B funding spherical will allow the corporate’s progress plans and regional growth in Africa.

“We’re additionally closely centered on increasing our product providing. This may largely be pushed via the event of latest merchandise, in addition to a robust give attention to strategic investments that embrace mergers and acquisitions,” he mentioned.

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