Ozow raises R746 million in Series B funding - Tencent lead investor

[Jan]

South African fintech company Ozow raises R746 million — with Tencent as a lead investor

Ozow, which was started as i-Pay in 2014, has raised $48 million in a Series B funding round.

 

[hj007]

Interesting that such a company is raising so much money, especially since the banks haven't been keen on the tech of instant ETF etc.

 

[The_MAC]

Nedbanks Karri App uses Ozow - my sons school uses the app for various things.

I wanted to pay for something, and Ozow wanted me to login with my FNB creds on their platform, I felt un-easy and stopped.

Can the platform be trusted? I am reluctant to punch in my creds into a 3rd party portal..

 

[Longboi]

Nedbanks Karri App uses Ozow - my sons school uses the app for various things.

I wanted to pay for something, and Ozow wanted me to login with my FNB creds on their platform, I felt un-easy and stopped.

Can the platform be trusted? I am reluctant to punch in my creds into a 3rd party portal..

Yeah don't login to any other platforms except your own online banking. There's just too much at risk.

Ask the school if you can do an EFT.

 

[neoprema]

remember kids, this is the company sitting with your internet banking logins. now funded by the CN's. This will end well lol

 

[Longboi]

remember kids, this is the company sitting with your internet banking logins. now funded by the CN's. This will end well lol

If you use your internet banking credentials on sites other than your banking site, remember that your bank has a disclaimer. In other words, you won't get reimbursed if things go south.

 

[The_MAC]

Yeah don't login to any other platforms except your own online banking. There's just too much at risk.

Ask the school if you can do an EFT.

They don't accept EFT for specific items, like Raffles, Fund Raisers etc.

School fees and uniforms yes, but not these adhoc items

 

[The_MAC]

remember kids, this is the company sitting with your internet banking logins. now funded by the CN's. This will end well lol

That's exactly it - goes against everything we have been taught for years

 

[hj007]

remember kids, this is the company sitting with your internet banking logins. now funded by the CN's. This will end well lol

Ok, now it makes sense why they threw R750m at it. I didn't get it when Kalon invested, and now I didn't with Tencent. 2 seconds on the tech makes you wonder about it...

 

[The_MAC]

 

[yogidabear]

Their processing fees are the thing I object to as a merchant. They charge 2,5% down to 1,5% per transaction and merchants pay as they associate it with credit card fees. However there is no mastercard or visa, or finance involved here. Its simply their platform costs of redirecting to the bank. They should have a flat fee per transaction, opposed to fleecing the merchants.

 

[Micdew]

Their processing fees are the thing I object to as a merchant. They charge 2,5% down to 1,5% per transaction and merchants pay as they associate it with credit card fees. However there is no mastercard or visa, or finance involved here. Its simply their platform costs of redirecting to the bank. They should have a flat fee per transaction, opposed to fleecing the merchants.

Netcash that has Ozow integrated in on their platform only charges a flat fee of R6 when Ozow is used.

 

[B-1]

Since they have to be able to use your username and password in clear text on the banking site they have to store it somewhere with the ability to retrieve it. From history these have a way of getting exposed at some point no matter how much they promise to keep it safe.

 

[backstreetboy]

Nedbanks Karri App uses Ozow - my sons school uses the app for various things.

I wanted to pay for something, and Ozow wanted me to login with my FNB creds on their platform, I felt un-easy and stopped.

Can the platform be trusted? I am reluctant to punch in my creds into a 3rd party portal..

Since they have to be able to use your username and password in clear text on the banking site they have to store it somewhere with the ability to retrieve it. From history these have a way of getting exposed at some point no matter how much they promise to keep it safe.

If your bank doesn't have 2FA you should move to a proper bank...

 

[voxisslowasballs]

Nedbanks Karri App uses Ozow - my sons school uses the app for various things.

I wanted to pay for something, and Ozow wanted me to login with my FNB creds on their platform, I felt un-easy and stopped.

Can the platform be trusted? I am reluctant to punch in my creds into a 3rd party portal..

Sorry for resurrecting a dead thread, but I wanted to order something from Mr Price Home just now and Ozow was the only option. Had the balls to ask me to log in with my Capitec account number and pin. Are they ****ing mad? Lol, no thanks.