PriyaPatelTLDR:
- Nigerian fintech startup Zone raises $8.5m in a seed round to expand payment infrastructure using blockchain networks.
- Funding led by TLcom Capital and Flourish Ventures, with additional capital from other investors.
A Nigerian fintech startup, Zone, has raised $8.5m in a seed round to deepen its payment infrastructure using blockchain networks. The funding, led by TLcom Capital and Flourish Ventures, will allow Zone to expand its network coverage nationwide and connect more financial services companies and banks. Zone, which is part of the Appzone Group, rebranded in 2022 to focus on blockchain-powered payment infrastructure. The CEO of Zone, Obi Emetarom, expressed excitement over the investor interest, highlighting the opportunity to redefine payment infrastructure in Africa.
Zone has already signed up over 15 of Africa’s largest banks and fintech companies, establishing itself as Africa’s first regulated blockchain network for payments. The funding will provide Zone with global perspective, industry influence networks, and African fintech expertise to pave the way for expansion into new markets. Flourish Ventures, an early-stage global fintech venture firm, emphasized the potential for Zone’s technology to advance payment innovation globally.
The fundraising is seen as a fundamental leap that will enable customers to experience a new standard of reliability, speed, and cost efficiency in payments at ATMs, POS machines, and online. With experienced leaders in the banking industry at the helm, investors are optimistic about Zone’s ability to move the sector forward. Overall, the funding will accelerate Zone’s mission to connect every monetary store of value and enable real-time payments within and across geographical borders.
