Tencent leads a USD 48 million Series B for payments gateway startup Ozow

Friday 19 November 2021 12:57 CET | News

South Africa-based payment gateway startup Ozow has raised a successful Series B investment round with China-based fintech Tencent being the main investor.

The investment will go towards driving the fintech regulation while working closely with all stakeholders involved. Ozow will also double its team from the present 100 to 250. Part of the funds will go towards acquisitions and expansion in the Ghana, Namibia, Kenya, and Nigeria markets.

Merchants only require a bank account and smart-enabled device to receive payments. Among Ozow’s clients are enterprise companies such as Vodacom, MTN, Takealot, Shoprite Group and Uber. The payments gateway remains free to individual users within the first 12 months and they can process USD 65,000 worth of value every month. Ozow charges distributors and payment service resellers of its product. The percentage fee varies between 1.5% to 2.5% for each successful transaction.

Ozow caters to over 47 million active bank account holders. The startup has experienced 100% year-on-year growth of its business and processes over USD 100 million transactional volumes monthly across its network of merchants.

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Keywords: investment, startup, payment gateway, fintech, payment processing, expansion, mobile payments
Categories: Payments & Commerce | Mobile Payments
Countries: South Africa
This article is part of category

Payments & Commerce