Ghanaian fintech startup Oze, which specializes in providing digital recordkeeping tools integrated with embedded finance products for micro, small, and medium enterprises (MSMEs), has successfully secured an undisclosed amount of funding from notable investors, including Visa and DEG. This funding will be instrumental in scaling Oze’s innovative lending management solution.
Founded in beta in 2018, Oze offers a mobile application designed to assist small businesses in meticulously recording their sales, expenses, payables, and receivables. The platform aggregates this financial data to generate context-specific recommendations and insightful reports. Leveraging this data alongside machine learning technology, Oze is able to assess a business’s credit risk and subsequently provide access to affordable capital through partnerships with banking institutions.
In 2022, Oze raised $3 million in a pre-Series A funding round, and this latest round, which remains undisclosed, includes participation from global payment giant Visa and the German development finance institution DEG. Existing investors, such as Speedinvest and Africinvest—through its Cathay AfricInvest Innovation Fund—also contributed to this funding round.
With the newly acquired funds, Oze aims to enhance its Lending Management System (LMS), a sophisticated tool that empowers financial institutions—including banks, microfinance organizations, and fintech companies—to offer unsecured, no-collateral digital loans to merchants and small businesses. The LMS is driven by Oze’s proprietary machine-learning credit risk algorithm, which facilitates smarter and more efficient lending decisions.
Meghan McCormick, co-founder and CEO of Oze, expressed her enthusiasm for the funding, stating;
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 several African countries, including Ghana, Nigeria, Guinea, Benin, Rwanda, Madagascar, Zimbabwe, and Lesotho, in partnership with commercial banks such as Ecobank. The platform equips banks and lenders with tools to automate digital lending processes, while MSMEs benefit from user-friendly business management software that enables them to track sales, expenses, and customer information. Oze analyzes this data to provide actionable recommendations, business education, and access to capital.
Fabrice Konan, Ghana country manager at Visa, commented on the partnership, saying;
Visa is committed to fostering innovation and financial inclusion across Africa, and Oze’s vision aligns perfectly with that mission. 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 is part of its Up-Scaling Programme, which focuses on supporting high-impact, innovative business models in developing and emerging markets. Dr. Tobias Bidlingmaier, head of Up-Scaling at DEG, remarked, “Oze’s technology has the potential to unlock financial opportunities for millions of small businesses in Africa, creating sustainable development and fostering inclusive growth. We are proud to support their expansion.”
