SOUTH African payments company Ozow has secured $48 million (R731m) from Tencent, a world-leading internet and technology company, in a Series B funding round.
The investment round included Endeavor Catalyst and Endeavor Harvest Fund. Notably, Endeavor Catalyst’s investment committee approval was chaired by partner of Greylock and co-founder and former executive chairperson of LinkedIn, Reid Hoffman, said Ozow.
The latest fund-raising would support Ozow’s efforts to transform the banking ecosystem and create greater financial access for the under-banked. It would also enable the company’s growth plans and regional expansion in Africa.
Ozow said it processed more than $100m in transaction volumes monthly across a network of thousands of merchants, while continuing to see an increased growth in its user base, with more than 120 000 users joining the platform each month.
The company works with major retailers, including MTN, Vodacom, the Shoprite Group, Takealot and Uber.
Thomas Pays, chief executive and co-founder of Ozow, said: “We’re also heavily focused on expanding our product offering. This will largely be driven through the development of new products, as well as a strong focus on strategic investments that include mergers and acquisitions.”
BUSINESS REPORT ONLINE