South African FinTech startup Ozow has raised $48m in Series B funding, led by internet and technology company Tencent.
The investment round also included Endeavor Catalyst and Endeavor Harvest Fund.
Ozow, which provides payment solutions, said it has been busy since its Series A funding round held in June 2019. Since then, the company has seen a 100% year-on-year growth of its business. Its user base also continues to see increased growth, with more than 120,000 users joining the platform each month.
With this funding, Ozow said it will continue to keep growing, develop new products, and expand into Africa. Additionally, the company will focus on strategic investments that include mergers and acquisitions.
Ozow said, “Our mission has always been to develop innovative payment solutions that enable millions of businesses and consumers to participate in our growing digital economy.”
The company added that this series B funding round will enable it to provide millions more people with easy, fast, and secure alternative payment solutions.
Thomas Pays, CEO and co-founder of Ozow, is excited about the partnerships that have been formed with Orzow’s new investors, “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.”
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