Ghana Based Fintech Bezo Money Secures $200k Funding. The fintech start-up Bezo Money a USSD-powered digital saving, credit, and payment platform that links clients with a mobile wallet, while building a credit history to access financial services from formal providers has secured $200k in a seed funding round led by Goodsoil VC, a venture capital firm based in London.
Orla Enright of Goodsoil VC commented on their investment into the African fintech start-up and told Innovation Village that, “Mubarak and his Bezo Money team are providing the unbanked and young people with easy access to powerful and flexible wealth-generating tools that are typically hard to access. We are excited to partner with Bezo Money to accelerate their growth and assist them in their scale.”
According to the fintech, the funding will be used to acquire the Payment and Financial Technology Service Providers (PFTSP) license in Ghana, build and deploy new products including Bezo Credit, an interest-free credit product, and Bezo Invest, an investment product. Bezo Invest will allow users to invest their savings. In addition, the funding will be used to grow its user base, expand its team, and scale across the country.
In a press statement, Bezo Money provides insight into the aims of the fintech. “Bezo Money’s vision is to become a digital bank for the unbanked as well as the younger generation; a digital bank that provides financial products and services that span across the entire financial spectrum, meeting the needs of its users on their journey to financial stability.”
Founded in 2019, Bezo Money is a fintech company that builds and provides digital financial services and products for unbanked and younger consumers. Founded by Mubarak Sumaila and Diana D. Osei, was born out of the Meltwater Entrepreneurial School of Technology (MEST) programme. Since its inception, the start-up has established products that provide social mobility for the unbanked and digitises transactions of informal savings groups.
According to Innovation Village, the fintech is working on beta testing and launching Bezo Susu 2.0, launching the Bezo Smart Series that features a podcast to provide financial literacy content to the informal sector and to young individuals, and establishing partnership relations with financial institutions and mobile money providers.