Oze, a Ghanaian fintech startup that provides digital recordkeeping tools and embedded finance products for MSMEs, has secured an undisclosed funding round to scale its Lending Management System (LMS). The investment includes participation from global payment leader Visa and German development finance institution DEG, along with existing investors such as Speedinvest and AfricInvest through its Cathay AfricInvest Innovation Fund.
Launched in beta in 2018, Oze offers a mobile app that helps small businesses record sales, expenses, payables, and receivables. The platform aggregates this data to generate contextual business recommendations and reports. Leveraging machine learning, Oze assesses a business’s credit risk and facilitates access to affordable capital through banking partners.
The startup previously raised a US$3 million pre-Series A round in 2022 and has now followed up with this latest undisclosed investment. With the fresh funding, Oze aims to significantly expand its LMS, a solution that enables banks, microfinance institutions, and fintechs to offer unsecured, no-collateral digital loans to small businesses. Furthermore, Oze’s proprietary credit risk algorithm powers the LMS, optimizing lending decisions and improving financial accessibility for MSMEs.
“This funding will accelerate our mission to empower small businesses across Africa. By scaling our Lending Management System, we can help more financial institutions unlock the potential of SMEs and drive financial inclusion at an unprecedented scale,” said Meghan McCormick, Oze’s co-founder and CEO.
Operating in Ghana, Nigeria, Guinea, Benin, Rwanda, Madagascar, Zimbabwe, and Lesotho, Oze partners with banks like Ecobank to enhance digital lending infrastructure. The platform automates lending processes for financial institutions while equipping MSMEs with business management tools to track sales, expenses, and customer interactions. Through its data-driven approach, Oze provides actionable insights, business education, and access to capital.
“Visa is committed to fostering innovation and financial inclusion across Africa, and Oze’s vision aligns perfectly with that mission. Their approach to enabling digital lending for underserved small businesses is transformative, and we are excited to partner with them to drive this change,” said Fabrice Konan, Visa’s Ghana country manager.
DEG invested through its Up-Scaling Programme, which supports high-impact, innovative business models in developing markets.
“Oze’s technology has the potential to unlock financial opportunities for millions of small businesses in Africa, creating sustainable development and fostering inclusive growth. We are proud to support their expansion,” said Dr. Tobias Bidlingmaier, head of Up-Scaling at DEG.
Finally, with this latest backing, Oze continues to strengthen its role as a key player in Africa’s fintech space, driving financial inclusion and enabling MSMEs to thrive in the digital economy.
