BezoMoney,a fintech startup based in Accra has secured $200k in a seed funding round led by Goodsoil VC, a venture capital based in London.
The funding will be used to acquire a Payment and Financial Technology Service Providers (PFTSP) license in Ghana. It will also be used to build and set up new products including BezoCredit, an interest-free credit product and BezoInvest, an investment product. BezoInvest will be a platform that users can invest their savings. This funding will also serve to grow BezoMoney user base and expand its team and scale and across the country.
Born out of the Meltwater Entrepreneurial School of Technology (MEST) Programme, BezoMoney was founded by Mubarak Sumaila and Diana D.Osei in 2019.Since it was formed, the aim has been to provide social mobility for the unbanked people and to digitize transactions of the informal savings groups.
Reaching out to the unbanked communities and young consumers who lack access to formal financial services is what BezoMoney focuses on. BezoMoney offers a digital savings platform called BezoSusu that enables users save, grow their finances as well as build a savings and credit history. BezoSusu is built on USSD and is integrated with Mobile money to allow users do their transactions via their Mobile Money wallets.
BezoMoney is committed to growing with their customers and meeting their financial needs with the tailored products and services. Having received numerous daily requests from the young people, BezoMoney focuses on reaching out to a large number of youths.
BezoMoney’s vision is to provide a digital bank for the unbanked as well as the younger consumers, a digital bank that provides financial products and services that span across the entire financial spectrum, being able to meet the needs of its consumers on their financial stability journey.
The Fintech startup is focusing on beta testing and launching BezoSusu 2.0, BezoSmart Series and creating partnership relations with financial institutions and mobile money providers. The BezoSmart Series is a platform that will provide financial literacy content to the informal sector and to the young consumers.
BezoMoney aims at providing a digital safety net that will enable the Ghanaian people fill the gap between their financial constraints and financial freedom.