Its for say Ozow is South African unicorn and success story.
Mzansi’s payments and fintech company Ozow has raised a $48 million Series B to provide more alternative payment solutions to its millions of merchants and consumers. The company’s seed round was led by Chinese internet giant Tencent with other investors Endeavor Catalyst and Endeavor Harvest Fund participating.
Speaking to TechCrunch, the founder and CEO Thomas Pays said, “when you looked at e-commerce, point of sale, e-billing or P2P payment seven years ago, it was always a fragmented market. For example, if I want a point of sale device, I need to go to a company like Yoco. If I want to accept payments via card on my e-commerce site, I need to go to a PayU.”
“What we wanted to address was a central platform that could basically provide solutions to e-commerce, point of sale, e-billing and peer to peer payment.”
How does Ozow’s payment system works?
The platform, which caters to more than 47 million bank account holders, typically works this way. First, consumers select Ozow as a payment option when shopping online or in-store.
Next, they choose their bank (from all ten major South African banks), log in with their online banking details, and Ozow automates the payment process.
All merchants need to have is a bank account and a “smart-enabled device” to receive payments. Ozow’s clients include leading enterprise companies, such as MTN, Vodacom, Shoprite Group, Takealot and Uber.
When was the Company started?
Ozow started in 2014 to drive financial inclusion through open banking. The company allows consumers to access their internet banking platform when they make transactions online.
“What we wanted to address was a central platform that could basically provide solutions to e-commerce, point of sale, e-billing and peer to peer payment”, stated Pays.