Ghana’s OZÉ gets $3M to scale its digital recordkeeping and embedded finance products –
Summary
OZÉ, a Ghanaian fintech startup that provides digital recordkeeping tools with embedded finance products to medium and small businesses, has raised a $3 million pre-Series A round. The startup’s new financing round was led by European early-stage VC Speedinvest, with participation from Cathay AfricInvest Innovation Fund, Savannah Capital and other unnamed angel investors. “OZÉ’s methods and relationship to business owners mean that loans made through the platform can be collateral-free, larger and paid back over a longer period without increasing risk,” the company said in a statement. On the credit end, OZÉ can tap into businesses’ cash-based performance data and offer better loans after getting psychological insight into automatically recorded transactions. On the company’s next steps following its recent funding, McCormick said OZÉ would build out its team, acquire more customers, deepen its presence in Ghana and Nigeria, and begin expansion plans into new African markets.