South Africa fintech firm Ozow has announced a rather significant step in its goals to expand into other parts of the African continent, following a successful Series B round of funding that saw $48 million raised.

The Series B involved the likes of Endeavor Catalyst and Endeavor Harvest Fund, but the most notable investor is Tencent.

“The latest fundraising will support Ozow’s efforts to transform the banking ecosystem and create greater financial access for the underbanked. It will also assist Ozow in cementing its position as one of the leading payment providers on the continent,” explained the fintech in a press release sent to Hypertext.

“It’s an honour to bring on board Tencent, Endeavor Catalyst and Endeavor Harvest Fund. This is a validation of our role in transforming the banking industry through the development of innovative, convenient, and more inclusive payment solutions for everyone,” adds Ozow CEO, Thomas Pays.

He also remarks that since the company raised its Series A in 2019, it has seen 100 percent year-on-year growth, along with facilitating over $100 million in transactions monthly as it sees 120 000-plus users joining each month too.

“We’re also heavily focused on expanding our product offering. This will largely be driven through the development of new products, as well as a strong focus on strategic investments that include mergers and acquisitions,” highlights Pays.

“We’re excited about this next step in our journey, as it will mean that we will be able to impact so many more lives across the continent,” the CEO concludes.

With several other fintechs rising to prominence on the African continent of late, it will be interesting to see where Ozow is positioned when the Series C round happens, as well as which other companies it can attract to invest.