LAGOS, Nigeria, – 19/03/2024 – (SeaPRwire) – Zone, a rapidly growing payment infrastructure company in Africa, has made a significant announcement today regarding its successful seed funding round. The company has secured an impressive $8.5 million in funding, surpassing its initial target, with leading venture capital firms Flourish Ventures and TLcom Capital at the forefront of the investment.
This funding round signifies a crucial milestone for Zone as it advances towards its goal of establishing a Blockchain-based decentralized payment infrastructure for financial services providers across Africa and beyond. Utilizing blockchain technology, Zone’s network offers reliable, frictionless, and universally interoperable payment experiences to financial institutions and their clients at scale. Notably, Zone holds the distinction of being Africa’s first regulated blockchain network for payments, boasting partnerships with over 15 of the continent’s largest banks and fintech companies.
The injection of new funds will empower Zone to expand its network coverage domestically and forge connections with more banks and financial services companies. Additionally, a substantial portion of the funding will be allocated towards conducting a comprehensive pilot program in 2025 to test the company’s cross-border capabilities. Zone’s primary objective is to position itself for expansion across Africa to support intra-African and international payments, aligning with its vision of becoming a global payment network.
Flourish Ventures, known for its purpose-driven approach in the global fintech sector, will provide Zone with invaluable global insights, industry networks, and extensive expertise in Africa’s fintech landscape, facilitating expansion into new markets. TLcom Capital, based in the UK, brings essential local credibility and a deep understanding of the African tech space, leveraging existing relationships to establish Zone’s presence within its home market.
The seed funding round also saw participation from international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global, each contributing niche sector expertise and credibility. These investments, amidst a challenging startup funding environment, underscore investor confidence in Zone’s mission to revolutionize payment infrastructure in Africa and beyond.
Furthermore, the endorsement and investment from Endeavor Catalyst reaffirm Zone’s position as a frontrunner in Africa’s fintech revolution, highlighting its alignment with the entrepreneurial spirit driving technological transformation and economic progress.
Obi Emetarom, CEO and co-founder of Zone, expressed gratitude for the high-quality investors’ participation, emphasizing their trust in the Zone brand and excitement about reshaping Africa’s payment infrastructure. With robust support from new investors and existing shareholders, including CCA, Lateral Capital, Constant Ventures, and V8, Zone is poised to accelerate its mission of connecting every monetary store of value and enabling real-time payments across borders.
Ameya Upadhyay, Partner at Flourish Ventures, commended Zone’s technology for enabling direct communication between payment ecosystem participants, foreseeing significant improvements in reliability, speed, and cost efficiency. He expressed confidence in Zone’s leadership and its potential to drive sector-wide progress.
Ido Sum, Partner at TLcom Capital, highlighted Zone’s innovative infrastructure’s potential to deliver substantial value to financial institutions and end-users across Africa. He praised Zone’s co-founders, Obi Emetarom and Wale Onawunmi, for their vision and expertise, expressing optimism about Zone’s future global impact.
About Zone:
Zone is a regulated blockchain network facilitating payments and digital currency acceptance. Its Layer-1 Blockchain digitizes Fiat payments and transitions to digital currencies while fostering an all-inclusive payment ecosystem. As Africa’s first decentralized payment network, Zone enables direct communication between participating institutions, automating settlement, reconciliation, and dispute management. With a mission to connect every monetary store of value, Zone collaborates with leading minds across Africa to shape the future of financial services through blockchain technology.
SOURCE Zone
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