# Ozow has raised a $42 million Series B to provide more alternative payment solutions to its millions of merchants and consumers.

*fintech · news · 2021-11-17 · TechCrunch*

## Key points

- Ozow has raised a $42 million Series B round, led by Tencent, for pan-African expansion.
- EFT's share of South African e-commerce payments grew from 4% to 30% after Ozow's entry.
- Ozow now processes over $100 million monthly and gains over 140,000 new users per month.
- Ozow will support the Rapid Payment Programme to enable instant payments using mobile or email identifiers.
- The company plans to expand into Namibia, Ghana, Nigeria, and Kenya within six months.

**Companies:** Tencent, Ozow, MTN, Vodacom, Shoprite Group, Takealot, Uber
**Countries:** South Africa, Namibia, Ghana, Nigeria, Kenya

[Read the full story on TechCrunch](https://techcrunch.com/2021/11/17/south-african-payments-gateway-ozow-raises-48m-series-b-led-by-tencent/)

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