Ozow plans to use the funds to increase the adoption of digital payment services in South Africa. Here are the top-line bullets you need to know.
Ozow, a online payment gateway, has raised $48M in a Series B round. This round drew participation from Endeavor Harvest Fund, Endeavor Catalyst, and Tencent Holdings.
HOW’S THE COMPANY PERFORMING?
- South Africa-based Ozow automates the online payment process for merchants and consumers.
- The company caters to over 47M account holders.
- Ozow’s clients include Uber, Vodacom, MTN, Shoprite Group, and Takealot, among others.
- The company has experienced 100% growth YoY since 2019, and it processes over $100M in transaction volume on a monthly basis.
- Ozow sees 140K new users each month.
Source: Ozow
WHY DOES THE MARKET MATTER?
- The global digital payment market is projected to grow at a CAGR of 19.4% and reach a value of $236.1B by 2028, according to Grand View Research.
- Rising e-commerce activity, particularly amid the Covid-19 pandemic, has increased the need for tools to manage digital payments and other related transactions. Moreover, banks are increasingly making investments in order to enhance their digital payment infrastructures and compete with major players like Google, Amazon, and Facebook.
- eWallets are increasingly being used to facilitate “peer-to-peer” and “customer-to-business” payments due to the pandemic, and this trend is expected to continue.
