Oze Secures Funding from Visa, DEG to Expand Digital Lending for MSMEs
TLDR
- Oze has raised an undisclosed investment from Visa, German development finance institution DEG, and existing backers
- Founded in 2018, Oze provides small businesses with digital recordkeeping tools that track sales, expenses, and receivables
- The new funding will help Oze expand its LMS, which enables banks, microfinance institutions, and fintechs to automate digital lending
Ghanaian fintech startup Oze has raised an undisclosed investment from Visa, German development finance institution DEG, and existing backers to scale its Lending Management System (LMS). The funding follows Oze’s $3 million pre-Series A round in 2022.
Founded in 2018, Oze provides small businesses with digital recordkeeping tools that track sales, expenses, and receivables. The platform uses machine learning to assess credit risk and connect businesses with lenders for unsecured, no-collateral loans. The new funding will help Oze expand its LMS, which enables banks, microfinance institutions, and fintechs to automate digital lending.
Oze operates in Ghana, Nigeria, Guinea, Benin, Rwanda, Madagascar, Zimbabwe, and Lesotho, partnering with banks like Ecobank. Visa and DEG highlighted Oze’s role in fostering financial inclusion and driving economic growth through digital lending.
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Key Takeaways
Oze’s funding underscores a growing push to digitize lending for small businesses in Africa. Traditional banks often require collateral and extensive paperwork, limiting MSMEs’ access to credit. Oze’s model, powered by machine learning, streamlines loan approvals based on real-time business data. With backing from Visa and DEG, Oze is positioned to deepen partnerships with financial institutions and expand into new markets. The fintech’s Lending Management System aligns with broader trends in Africa’s digital finance sector, where alternative credit-scoring models are gaining traction. As competition in digital lending grows, Oze’s success will depend on scaling efficiently, ensuring loan repayment rates remain high, and navigating regulatory challenges across its target markets.
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