Zone, a fast-growing Nigerian fintech startup that provides payment infrastructure, received US$8.5 million in an oversubscribed seed funding round to help it build its blockchain-based decentralized payment infrastructure for financial services providers throughout the continent.
With the help of Flourish Ventures, TLcom Capital, Digital Currency Group (DCG), Verod-Kepple Africa Ventures (VKAV), Alter Global, and Endeavour Catalyst, the company has now raised US$8.5 million in seed capital.
Zone has created a layer-one blockchain network that links previously unconnected financial institutions into an all-inclusive payment ecosystem, digitizing fiat payments and facilitating the shift to digital currencies.
Zone’s blockchain network uses blockchain technology to give financial service providers and their clients with scalable, dependable, and globally interoperable payment experiences.
“The participation of high-quality investors despite the funding drought and the fact that we had more interested investors than we needed, is a sign of trust in the Zone brand and investor excitement about the opportunity to redefine payment infrastructure in Africa,” said Obi Emetarom, CEO and co-founder of Zone. “As we step into this new phase at Zone, we are re-energized, and our commitment to transforming Africa’s payment infrastructure is renewed.”
Zone’s goal to link all financial stores of value and facilitate real-time payments both inside and across national borders will now move more quickly, according to Emetarom.
With the help of the capital infusion, Zone will be able to connect more banks and financial services firms and increase the domestic network’s coverage.
A sizeable amount of the funding will also go towards carrying out a thorough pilot program that will assess the business’s cross-border capabilities by 2025.
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