South African digital payment platform announces investment from China's Tencent

  • By Xinhua
  • Nov. 19, 2021
  • Share

Ozow, a South African payment service provider, on Wednesday announced series B funding of 48 million U.S. dollars led by Chinese internet giant Tencent.

"This series B funding round will enable us to provide millions more people with easy, fast, and secure alternative payment solutions," according to the South African start-up's latest blog post.

The company also said its service cuts down the process time of the electronic funds transfer transactions from three minutes traditionally to 20 seconds.

The company's series A funding was held in June 2019.