South African fintech firm Ozow has raised a US$48 million Series B funding round led by Chinese internet giant Tencent.
Other investors Endeavor Catalyst and Endeavor Harvest Fund participating also participated in the round.
Founded in 2014 by Thomas Pays, Mitchan Adams and Lyle Eckstei, Ozow drives financial inclusion in South Africa through open banking. The company allows consumers gain access to internet banking platforms when transacting online.
The company plans to use this new investment to develop new products, and expand to different countries in Africa.
“It’s an honour to bring on board Tencent, Endeavor Catalyst and Endeavor Harvest Fund. This is a validation of our role in transforming the banking industry through the development of innovative, convenient, and more inclusive payment solutions for everyone.” CEO and co-founder of Ozow, Thomas Pays says.
‘’This series B funding round will enable us to provide millions of more people with easy, fast, and secure alternative payment solutions,’’ he adds.
The company says it will also be placing a strong focus on strategic investments that include mergers and acquisitions.
Since Ozow’s Series A funding round in June 2019, the company says it has seen 100 per cent year-on-year growth. It now processes over $100 million in transaction volumes monthly across a network of thousands of merchants. The company says it continues to see increased growth in its user base, with more than 120,000 users joining the platform each month.
‘’Our mission has always been to develop innovative payment solutions that enable millions of businesses and consumers to participate in our growing digital economy.’’ the company said in a blog post.