Tencent Leads $48 Million Investment in South Africa Startup
- Ozow will use funds for acquisitions, expand in Africa
- Startup processes $100 million of transactions each month
Source: Ozow
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Tencent Holdings Ltd. has invested in a South African financial-technology provider helping the Chinese internet giant expand in the continent’s most developed economy.
The Hong-Kong based company is leading a group investing $48 million in Ozow’s fourth round of funding that will help the seven year-old startup expand in Africa and add employees, Ozow’s co-founder and Chief Executive Officer Thomas Pays said in an interview. He didn’t disclose its latest valuation.