back Back

Zone raises $8.5m to scale its decentralized payment infrastructure

By Gloria Methri

March 18, 2024

  • Africa
  • Decentralized Payments
  • FinTech
Share

Zone, Seed Funding, FinTech, Payment Infrastructure, Decentralized Payments, Nigeria, AfricaZone, the African payment infrastructure company, has raised $8.5 million in an oversubscribed seed funding round led by Flourish Ventures and TLcom Capital.

The deal marks a pivotal moment for Zone to build a Blockchain-based decentralized payment infrastructure for financial services providers across the continent and beyond. Zone’s blockchain network delivers reliable, frictionless, and universally interoperable payment experiences at scale to financial service providers and their customers.

The new funding will enable Zone to expand the coverage of its network further domestically and connect more banks and financial services companies. A significant portion of the proceeds will also be allocated to conducting a comprehensive pilot programme to test the Company’s cross-border capabilities, scheduled for 2025.

A key priority of the company is to extend its footprint across Africa to support intra-African and international payments.

Flourish Ventures, an early-stage global FinTech venture firm, will provide Zone with a global perspective, networks of industry influencers and extensive Africa FinTech expertise. UK-based TLcom Capital provides essential local credibility and understanding of the African tech space while leveraging its existing relationships with key decision-makers in Nigeria to establish a strong foundation for Zone within its home market.

Other investors in this round include international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures) and Alter Global, each bringing niche sector expertise and credibility.

Commenting on the funding round, Obi Emetarom, CEO and co-founder of Zone, said, “As we step into this new phase at Zone, we are re-energized, and our commitment to transforming Africa’s payment infrastructure is renewed. Our new investors and existing shareholders, including CCA, Lateral Capital, Constant Ventures and V8, bring more than just financial backing, as their global scope and deep expertise make them invaluable partners for us. With their support, we are poised to accelerate our mission to connect every monetary store of value and enable real-time payments within and across geographical borders.”

Previous Article

March 18, 2024

3 eKYC platforms facilitating secure transactions in MENA

Read More
Next Article

March 18, 2024

CellPoint Digital partners with La Compagnie to optimize airline payments

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Africa

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Cashflows partners with National Association of Funeral Directors

Read More

Today

Ant International set to create digital business centre in Malaysia

Read More

Today

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023