Ozow
South African fintech company providing account-to-account online payment services.
Last updated August 24, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Ozow is a South African financial-technology company focused on online account-to-account payments. Previously known as i-Pay, the company was established in 2014 and is headquartered in Johannesburg and Cape Town. It was co-founded by Thomas Pays, Mitchan Adams, and Lyle Eckstein. Its core product is an automated electronic funds transfer payment gateway that enables consumers to pay participating merchants directly from a bank account through an internet-banking profile, without entering card details or creating a separate Ozow account. The service is designed for consumers who have access to internet banking and can be used from smartphones, tablets, and desktop computers. During checkout, a customer selects Ozow, chooses a participating bank, authenticates through the bank’s online-banking environment, and authorises the transfer. The merchant receives a transaction notification, while Ozow provides the payment infrastructure connecting the customer, bank, and business. The account-to-account model is positioned as a card-free alternative to conventional card payments and can reduce reliance on card networks and chargeback processes. Ozow’s consumer-facing proposition is that the customer pays the merchant directly, with no additional consumer payment fee described in the available reference material. For merchants, Ozow provides online payment acceptance, transaction notifications, refunds, and withdrawal-related services. The company has also marketed support for online businesses, nongovernmental organisations, and nonprofit organisations processing less than R1 million per month, including an offer of zero processing fees for 12 months. Its infrastructure is described as Thawte certified and operated in accordance with PCI DSS security standards. Ozow is authorised as a System Operator and registered as a Third Party Payment Provider with the Payments Association of South Africa. The company expanded beyond its original EFT gateway with products aimed at mobile and QR-based payments. In September 2020, it introduced Ozapp, a web application that allowed customers with a bank account or digital-wallet facility to make card-free payments through QR codes. It also launched Ozow PIN, intended to simplify the EFT payment flow into a short, four-step process. In February 2022, Ozow partnered with South African payment provider Zapper to make Ozow payment services available through the Zapper mobile application. Ozow’s transaction volumes grew as South African consumers and businesses increasingly used online commerce. The company reported processing R10 billion in cumulative transactions by 5 March 2020. During the COVID-19 lockdown period, demand increased as consumers shifted toward online purchasing. In November 2020, Ozow reported processing R1 billion in transactions during the month, including the Black Friday trading period; the largest individual transaction processed in that period was reported as R500,000. The company has attracted venture investment, including early backing from Kalon Venture Partners and follow-on participation by that investor in a larger Series A round announced in June 2019. In November 2021, Ozow announced a $48 million Series B round led by Tencent, with participation from Endeavor Catalyst and Endeavor Harvest Fund. The available material does not establish a current parent company, controlling owner, public listing, or current executive leadership roster. Ozow is therefore best characterised as an active South African fintech brand whose principal market remains domestic digital payments.
History
Ozow began operations in South Africa in 2014 under the name i-Pay. The business was co-founded by Thomas Pays, Mitchan Adams, and Lyle Eckstein, and developed an automated electronic funds transfer gateway for online commerce. Its model connected customers’ bank accounts to participating merchants through internet banking, allowing payments without credit cards and without requiring a separate registration process. The company’s principal market was South Africa, where internet-banking access provided the foundation for account-to-account digital payments. The business attracted early venture support from Kalon Venture Partners. In June 2019, Kalon participated in follow-on funding forming part of a broader Series A round. Ozow subsequently grew its transaction-processing footprint and reported reaching R10 billion in cumulative processed transactions on 5 March 2020. The milestone came shortly before and during the global COVID-19 disruption, when South African lockdowns accelerated the use of online shopping and digital payments. The company reported a substantial increase in demand as consumers and merchants moved more commerce online. Ozow broadened its product range in September 2020. Ozapp was introduced as a web application supporting card-free transactions using QR codes for customers with bank accounts or digital-wallet facilities. At around the same time, Ozow PIN was released to make the EFT process shorter and easier to complete. These products extended the company’s original payment-gateway proposition beyond a conventional desktop checkout and toward mobile-oriented payment experiences. Ozow also continued to provide merchant-facing transaction notifications, refunds, and withdrawal services. Transaction activity remained significant during the 2020 retail peak. Ozow reported processing R1 billion in November, including the Black Friday period, and identified R500,000 as the largest single transaction processed that month. The company’s merchant proposition also included a promotional offer for qualifying online businesses, nongovernmental organisations, and nonprofits processing below R1 million monthly: zero processing fees for a 12-month period. In November 2021, Ozow announced a $48 million Series B financing led by Tencent. Endeavor Catalyst and Endeavor Harvest Fund also participated. The round represented a major external-financing milestone for the South African payments company and brought international venture investors into its growth story. The available reference material does not specify the detailed allocation of proceeds or subsequent ownership structure. In February 2022, Ozow partnered with Zapper, another South African payment provider, to make Ozow services available within the Zapper mobile application. The arrangement extended Ozow’s reach through an existing mobile-payment channel. Ozow’s infrastructure is described as Thawte certified and compliant with PCI DSS security practices. It is also authorised as a System Operator and registered as a Third Party Payment Provider with the Payments Association of South Africa. No reliable reference material supplied for this entry identifies a current chief executive, board, parent company, public listing, or operations outside South Africa.
- 2022
Zapper partnership
[1]Ozow partnered with Zapper to provide Ozow payment services through Zapper’s mobile app.
- 2021
Series B financing announced
[1]Ozow announced a $48 million Series B round led by Tencent and joined by Endeavor funds.
- 2020
R10 billion transaction milestone
[1]Ozow reported processing R10 billion in transactions by 5 March 2020.
- 2020
Ozapp and Ozow PIN introduced
[1]The company launched a QR-oriented web application and a simplified EFT payment flow.
- 2019
Follow-on Series A investment
[1]Kalon Venture Partners provided follow-on funding as part of a larger Series A financing.
- 2014
Company established
[1]Ozow, then known as i-Pay, was established in South Africa by Thomas Pays, Mitchan Adams, and Lyle Eckstein.
Products and positioning
Convenient, card-free online payments that connect consumers’ bank accounts directly with merchants.
Account-to-account online payments · 2014
Ozow payment platform
Ozow’s core platform is an automated EFT payment gateway for South African merchants. Customers select Ozow during online checkout, authenticate through their bank’s internet-banking service, and transfer funds directly to the merchant. The service is designed to work across mobile and desktop devices and does not require a separate Ozow registration or credit card.
QR-code payment application · 2020
Ozapp
Ozapp is a web application introduced in 2020 for card-free payments using QR codes. It was intended for customers with a bank account or digital-wallet facility and extended Ozow’s payment proposition into a more mobile-oriented interaction model.
Simplified EFT checkout · 2020
Ozow PIN
Ozow PIN was introduced as a shorter, four-step method for completing electronic funds transfer payments. The product was designed to simplify the payment journey while retaining Ozow’s account-to-account approach.
Payment processing services
Merchant services
Ozow provides merchant-facing payment processing, transaction notifications, refunds, and withdrawal-related services. Its target users include online businesses as well as nongovernmental and nonprofit organisations. The company has also described promotional pricing for qualifying smaller organisations.
Brand decisions
2022
Distribution partnership with ZapperStrategyBackground
Ozow aimed to make its payment capability available through an established South African mobile-payment application.
Action taken
Ozow partnered with Zapper to offer Ozow payment services through the Zapper mobile app.
Aftermath
The partnership expanded the channels through which Zapper users could access Ozow payments.
2021
International venture financing for growthStrategyBackground
Ozow pursued additional capital as its transaction-processing business expanded in the South African digital-payments market.
Action taken
The company announced a $48 million Series B financing led by Tencent, with Endeavor Catalyst and Endeavor Harvest Fund also participating.
Aftermath
The financing marked a significant investment milestone and added prominent international venture investors to Ozow’s funding base.
Series B financing. $48 million (Announced November 2021)
2020
Expansion into QR and simplified EFT paymentsProduct launchBackground
Ozow sought to extend its original online EFT gateway into mobile-friendly payment experiences.
Action taken
It introduced Ozapp for QR-based transactions and Ozow PIN as a shorter four-step EFT payment process.
Aftermath
The launches broadened Ozow’s stated product range beyond its core online payment gateway.
Recent events
- Unconfirmed
MTN and Ozow partner on WhatsApp purchases[3]
Reported:
MTN and Ozow partnered to let customers purchase data and airtime through WhatsApp.
MTN launches WhatsApp airtime and data purchases with Ozow[3]
Reported:
MTN launched a service within the MTN Chat platform that lets customers purchase airtime and data bundles through WhatsApp, with Ozow as the payment option.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/ozow · Editorial policy · How profiles are compiled