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November 17, 2021

South Africa’s Ozow rakes in $48m Series B investment

By Shalini mani

South African payment gateway Ozow has raised $48m in a Series B funding round to expand the availability of alternative payment solutions across the country.

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The financing round, led by Tencent, also had participation from Endeavor Catalyst and Endeavor Harvest Fund.

Founded in 2014 by CEO Thomas Pays, Ozow was rebranded from i-Pay in April 2019.  The firm provides alternative payment methods, including QR codes, point of sale, e-commerce, e-billing and peer-to-peer (P2P) payments across South Africa.

The fresh infusion will enable Ozow to expand its product offering to drive financial inclusion in the country.

The firm is also eyeing strategic investments, including mergers and acquisitions, to support the development of new products, as well as its expansion into Africa.

Ozow co-founder and CEO Thomas Pays said: “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.”

The latest round follows Ozow’s Series A funding in 2019. The firm is said to have witnessed 100% year-on-year growth since then.

According to the firm, it processes more than $100m in transaction volumes monthly across its merchant network.

It also claims that over 120,000 users joining its platform on a monthly basis.

In July this year, South African payments and software platform Yoco raised $83m in Series C funding to accelerate the development of its financial ecosystem for small businesses.

Recently, Australian fintech Zip signed a deal to buy South African buy now, pay later (BNPL) firm Payflex.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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