African SMEs-focused fintech, OZÉ, which helps small businesses grow by digitizing their operations and availing them access to affordable capital, has raised US$700k Seed round to expand beyond Ghanaian shores.
Anorak Ventures and Matuca Sarl, and angel groups like Nigeria’s Rising Tide Africa joined existing investors Ingressive Capital and MEST to pitch in with investments in this round.
OZÉ plans to use the funding to grow its team, expand into Nigeria, and promote the newly launched iOS version of its business app.
Launched in beta in 2018, OZÉ mobile app helps small businesses record their sales, expenses, payables, and receivables. The platform then aggregates that data to provide context specific recommendations and reports.
Based on this data, the app, which now has over 25,000 registered users, predicts a business’ credit risk and provides it with affordable capital from its banking partners. Its paying subscribers have recorded more than 250,000 transactions summing up to over US$50 million so far.
OZE looks to exploit the MSME credit gap in subSaharan Africa which stands at US$331 billion.