Tech in Africa
OZE was founded in 2017 to help small businesses record expenses, sales, receivables, and payables. It launched its beta app in 2018 on the backdrop of a growing number of active users and paying subscribers. Today, the startup is the largest online community of MSMEs in Ghana with over 25,000 registered users.
The Ghanian startup intends to bring small businesses into the digital era through data aggregation and helping them build credit profiles that help give access to finance. Last week, Oze closed a $700k seed round where venture funds such as Matuca Sarl, Anorak Ventures, and Nigeria Rising Tide Africa joined MEST and Ingressive Capital.
The company will invest the capital in scaling across Nigeria while promoting its new iOS version. In Ghana and other Subsaharan African countries, most businesses have no access to capital. The MSME credit gap in subSaharan Africa is at $331 billion – a market OZE plans to exploit.
OZE tries to solve the problem where people with no formal education yet keep records on paper with no credit history, collateral, or operations.
