Ozow, a South African fintech startup, has raised $48 million in a Series B funding round led by Tencent. The investment round also includes Endeavor Catalyst and Endeavor Harvest Fund.
Founded in 2014, Ozow is an instant Electronic Funds Transfer payment service in South Africa that allows your customers to make secure online payments directly into your bank.
CEO and co-founder of Ozow, Thomas Pays said: “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.”
According to the startup, it has processed over $100m in transaction volumes monthly across a network of thousands of merchants. Its user base also continues to see increased growth, with more than 120 000 users joining the platform each month.
With this funding round, Ozow will develop new products and expand into other African countries. To help Ozow achieve all of this, it be placing a strong focus on strategic investments that include mergers and acquisitions.