The investors that took part in the round include Anorak Ventures, Matuca Sarl, Rising Tide Africa. Existing investors, MEST and Ingressive Capital participated in the round as well.
OZÉ was founded in 2017 by Meghan McCormick and Dave Emnett as a mobile app that helps MSMEs track sales, expenses, and customer information.
Small businesses in Ghana and most parts of sub-Saharan Africa find it difficult to access capital. Due to this, various reports say there’s an unmet $331 billion MSME credit opportunity across the region.
Why then are African lenders missing out on up to $80 billion in annual interest income? Lending to MSMEs can be a daunting task as many of them still keep records on paper, aren’t up to date with business education, and hardly have any credit history.
By gathering data from these businesses, OZÉ hopes to solve these problems by tailoring recommendations and reports to make informed business decisions. The startup claims also…