Monday, September 1, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Fintech

Appzone, a Nigerian fintech, has raised $10 million in a Series A round of funding

Tech Gist Africa by Tech Gist Africa
04/13/2021
in Fintech, Funding, Innovator of the Week, Investments, Made In Africa, News - West Africa, The Big 5, Venture Capital
0 0
0
Appzone

Appzone

0
SHARES
Share on FacebookShare on Twitter

Appzone, a fintech software company that creates proprietary technologies for financial institutions’ banking and payments services, has raised $10 million in a Series A round of funding.

CardinalStone Capital Advisers, a Lagos-based investment company, led the Series A round.

V8 Capital, Constant Capital, and Itanna Capital Ventures are among the other investors.

Also, Lateral Investment Partners, a New York-based but Africa-focused company, also took part in the funding round.

Emeka Emetarom, Obi Emetarom, and Wale Onawunmi founded the company in Lagos, Nigeria, in 2008.

In the banking and payments industries, the business serves as an enabler. Appzone began as a consulting company specializing in custom product creation for commercial banks.

The business released its first core banking product for microfinance institutions in 2011.

In 2014, Appzone received a $2 million investment from South African Business Connexion (BCX).

It raised $2.5 million in convertible debt four years later and bought back shares from BCX in the process. However, the company claims to have raised a total of $15 million in equity capital.

Previously, Appzone lacked the ability to actively pursue these markets, despite their promise.

However, now that its Series A has been completed, the company intends to focus on driving growth in these countries and expanding into other African countries.

In Africa, 18 commercial banks and over 450 microfinance institutions use Appzone platforms.

They have a combined annual transaction volume of $2 billion and a loan disbursement of $300 million.

This new investment will be used to extend the company’s product and services across more African countries.

Read More on Tech Gist Africa:

Paymob, an Egyptian fintech startup, has raised $18.5 million in a Series A round to expand throughout the Middle East and Africa

Accelerex, a pan-African fintech company, now offers Ghanaian customers more digital payment options

Bankly, a Nigerian fintech startup for the unbanked, has raised $2 million in seed funding to digitize the country’s informal thrift savings scheme

ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

African tech ecosystem
Insights

Africa’s Growing Role in Global Tech Partnerships: Collaboration with Silicon Valley and Beyond

by Tech Gist Africa
08/25/2025
0

Africa’s technology sector is rapidly gaining global attention—not only for its vibrant local innovation but also for its increasing collaboration...

Read more
Deep.SA Saudi Arabia

Deep.SA, a Saudi Arabia’s AI startup  Raises $1.2M in seed funding

08/22/2025
Salasa Egypt

Salasa, an Egyptian logistics and supply chain startup Scores $30M Series B funding round

08/22/2025
Alaan Dubai UAE

Alaan, Dubai-based digital banking platform Raises $48M in Series A funding

08/21/2025
Breadfast Egypt

Breadfast, an  Egyptian food delivery startup Raises $10M in Funding 

08/21/2025
Next Post
Cruise Robotaxi Dubai

In 2023, Cruise will debut its self-driving robotaxi in Dubai

Larry Page and Sergey Brin Google

Larry Page and Sergey Brin, the co-founders of Google, are now worth more than $100 billion

MTN

MTN, a South African telecommunications company, plans a $5 billion market valuation for its mobile money business

No Result
View All Result

The Big 5

African tech ecosystem

Africa’s Growing Role in Global Tech Partnerships: Collaboration with Silicon Valley and Beyond

by Tech Gist Africa
08/25/2025
0

...

MEST Africa Challenge 2025

Applications Open for 7th MEST Africa Challenge

by Tech Gist Africa
08/19/2025
0

...

African Startups

South Africa’s Female-Led Startups Invited to Apply for Innovest Ignite Accelerator

by Tech Gist Africa
08/19/2025
0

...

african tech startup

Airtel Africa Foundation Launches ‘Tech For Her’ to Upskill African Women

by Tech Gist Africa
08/19/2025
0

...

Africa startup entrepreneurshipAfrica startup entrepreneurship

Global Startup Ecosystems: Key Drivers of Innovation in Emerging Markets

by Tech Gist Africa
08/18/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.