South African fintech Ozow has raised US$48-million (about R750-million) in a series-B funding round led by China’s Tencent Holdings, the company said on Wednesday.

The investment round also includes Endeavor Catalyst and Endeavor Harvest Fund. Endeavor Catalyst’s investment committee approval was chaired by partner of Greylock, and co-founder and former executive chairman of LinkedIn, Reid Hoffman.

“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,” the company said in a statement.

CEO and co-founder Thomas Pays said the funding round will allow Ozow to expand further on a regional basis in Africa. “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.”

Retailers

Ozow offers a range of fintech and payment solutions for point of sale, e-commerce, e-billing, peer-to-peer payments and QR codes. It works with major retailers, including Shoprite Group and Takealot, as well as MTN, Vodacom and Uber.