Oze, a Ghana-based fintech company specializing in digital lending solutions for financial institutions and small businesses, has secured an undisclosed investment from Visa and German development finance institution DEG. The funding round also saw participation from existing investors, including Speedinvest and AfricInvest through its Cathay AfricInvest Innovation Fund. This latest investment follows Oze’s earlier USD 3 million pre-Series A round in 2022, reinforcing its position as a key player in Africa’s financial technology sector.

Oze’s Mission and Growth

Founded in 2018 by Meghan McCormick and Dave Emnett, Oze initially launched as a mobile app designed to help small businesses track their sales, expenses, and receivables. By leveraging proprietary technology, the platform assesses business credit risk and connects SMEs with affordable capital from banking partners. Currently operating in eight African countries, including Ghana, Nigeria, and Rwanda, Oze collaborates with leading financial institutions such as Ecobank to facilitate seamless digital lending solutions.

Visa and DEG’s Strategic Support

Visa’s investment in Oze comes after the fintech was selected as a participant in the inaugural Visa Accelerator Program, which identified top African startups from over 1,000 applicants. The program provided mentorship, training, and industry support, positioning Oze to scale its impact across the continent. Fabrice Konan, Visa Ghana’s Country Manager, emphasized the importance of supporting innovative companies like Oze, highlighting its potential to enhance financial inclusion for underserved small businesses.

DEG’s Commitment to Financial Inclusion

DEG’s backing was made through its Up-Scaling Programme, which focuses on funding high-impact, innovative business models in emerging markets. Tobias Bidlingmaier, Head of Up-Scaling at DEG, noted that Oze’s technology has the capacity to unlock financial opportunities for millions of African SMEs, fostering sustainable development. The investment aligns with DEG’s broader mission of promoting inclusive economic growth through targeted financial support.

Scaling Oze’s Lending Management System

With the fresh capital, Oze aims to expand its Lending Management System (LMS), a digital infrastructure enabling banks, microfinance institutions, and fintechs to offer unsecured, no-collateral loans to SMEs. The LMS is powered by Oze’s machine-learning credit risk algorithms, ensuring that lending decisions are more efficient and data-driven. By scaling this system, Oze intends to bridge the credit gap for small businesses, allowing them to access the funding needed to grow and thrive.

Recognition and Future Goals

In addition to securing investment, Oze was recently named a top-three finalist for the Milken Motsepe Prize for Fintech, selected from a pool of over 5,000 applicants. The recognition underscores the company’s innovative approach to expanding financial access and supporting SMEs in frontier markets. As one of the final contenders for the $1 million prize, Oze continues to gain international recognition for its role in digital financial transformation.

Oze’s long-term vision is to create a network of 100 million profitable small businesses across Africa, leveraging technology to enhance financial inclusion. By equipping SMEs with business management tools and facilitating their access to capital, the fintech aims to drive economic growth at scale. With continued backing from global financial players, Oze is well-positioned to accelerate its mission and redefine the landscape of small business financing across the continent.