Oze secures new funding from Visa and DEG aims to enhance its Lending Management System, empowering MSMEs across Africa.
Oze Attracts Investment to Scale Digital Lending
Ghanaian fintech startup Oze, known for its digital recordkeeping tools and embedded financial products tailored for micro, small, and medium-sized enterprises (MSMEs), has secured an undisclosed amount of funding. This investment round features prominent backers such as global payment leader Visa and German development finance institution DEG, alongside existing investors including Speedinvest and AfricInvest’s Cathay AfricInvest Innovation Fund.
Enhancing the Lending Management System
Launched in beta in 2018, Oze offers a mobile application that assists small businesses in tracking sales, expenses, payables, and receivables. The platform aggregates this data to generate context-specific recommendations and reports. Leveraging machine learning, Oze evaluates a business’s credit risk, facilitating access to affordable capital through its banking partners. The newly acquired funds are earmarked for scaling Oze’s proprietary Lending Management System (LMS). This tool enables financial institutions—including banks, microfinance institutions, and fintechs—to provide unsecured, no-collateral digital loans to merchants and small businesses, thereby promoting smarter and more efficient lending decisions.
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,” said Meghan McCormick, Oze’s Co-Founder and CEO.
Strategic Partnerships and Expansion Plans
Oze currently collaborates with commercial banks such as Ecobank and operates in multiple African countries, including Ghana, Nigeria, Guinea, Benin, Rwanda, Madagascar, Zimbabwe, and Lesotho. The company has expressed intentions to further expand its footprint across the continent. By offering tools that automate digital lending processes, Oze empowers MSMEs with user-friendly business management software to monitor sales, expenses, and customer data. This data-driven approach provides actionable insights, business education, and improved access to capital for small businesses.
Investor Perspectives
Fabrice Konan, Visa’s country manager for Ghana, stated, “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 was facilitated through 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, commented, “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.”
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