GHANA – OZÉ, a fintech startup focused on helping African small businesses grow by digitizing their operations and providing them with access to affordable capital, has raised US$700k Seed Round to expand out of Ghana.
“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.”
Launched in beta in 2018, OZÉ is a mobile app that helps small businesses record their sales, expenses, payables, and receivables. The platform then aggregates that data to provide context specific recommendations and reports.
Using this data and machine learning, the startup predicts a business’ credit risk and provides it with affordable capital from its banking partners. OZÉ has over 25,000 registered users, with paying subscribers having recorded more than 250,000 transactions with a value of more than US$50 million via the app so far.
“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.”
In 2020, OZÉ piloted a small loan portfolio, with no defaults and a projected annual 43 per cent return on investment.
OZE tries to solve the problem where people with no formal education yet keep records on paper with no credit history, collateral, or operations.