Ghanaian fintech startup Oze has secured an undisclosed amount of funding from investors including global payment leader Visa and German development finance institution DEG. Existing backers such as Speedinvest and AfricInvest’s Cathay AfricInvest Innovation Fund also participated in the round.
Launched in beta in 2018, Oze offers a mobile application that enables micro, small, and medium enterprises (MSMEs) to digitally record sales, expenses, payables, and receivables. The platform aggregates this data to provide context-specific recommendations and reports. Utilizing machine learning, Oze assesses credit risk and connects businesses with affordable capital from banking partners.
The newly acquired funds are earmarked for scaling Oze’s Lending Management System (LMS), designed to enable financial institutions—including banks, microfinance institutions, and fintech firms—to offer unsecured, no-collateral digital loans to small businesses. The LMS leverages Oze’s proprietary machine-learning credit risk algorithm to facilitate smarter and more efficient lending decisions.
Meghan McCormick, Oze’s co-founder and CEO, commented, “This funding will accelerate our mission to empower small businesses across Africa. By scaling our Lending Management System, we can help more financial institutions unlock the potential of SMEs and drive financial inclusion at an unprecedented scale.”
Oze currently operates in multiple African countries, including Ghana, Nigeria, Guinea, Benin, Rwanda, Madagascar, Zimbabwe, and Lesotho, in partnership with commercial banks such as Ecobank. The platform assists banks and lenders in automating digital lending processes, while providing MSMEs with user-friendly business management tools to track financial activities and customer information. Oze analyzes this data to deliver actionable recommendations, business education, and access to capital.
Visa’s investment aligns with its commitment to fostering innovation and financial inclusion across Africa. Fabrice Konan, Visa’s country manager for Ghana, stated, “Their approach to enabling digital lending for underserved small businesses is transformative, and we are excited to partner with them to drive this change.”
DEG’s investment comes through its Up-Scaling Programme, targeting high-impact, innovative business models in developing and emerging markets. Dr. Tobias Bidlingmaier, head of Up-Scaling at DEG, noted, “Oze’s technology has the potential to unlock financial opportunities for millions of small businesses in Africa, creating sustainable development and fostering inclusive growth.”
This funding round follows Oze’s $3 million pre-Series A investment in 2022, underscoring the company’s ongoing efforts to enhance financial inclusion and support the growth of small businesses across the African continent.
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Affinity Africa, a Ghanaian fintech startup, has raised $8 million in seed funding
Zeepay, a Ghanaian fintech startup, has raised equity funding to support its expansion
