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Today: Jun 14, 2024

Zone secures $8.5 million seed funding for growth and innovation

1 min read



TLDR:

  • Africa’s payment infrastructure company, Zone, raised $8.5m in seed funding led by Flourish Ventures and TLcom Capital.
  • Zone is building a Blockchain-based payment infrastructure for financial services providers across Africa and beyond.

Africa’s fast-growing payment infrastructure company, Zone, has secured $8.5m in seed funding in an oversubscribed round led by Flourish Ventures and TLcom Capital. The company aims to create a Blockchain-based decentralized payment infrastructure for financial services providers across Africa and has already signed up over 15 banks and fintech companies. This funding will allow Zone to expand its network domestically, conduct a pilot program to test cross-border capabilities, and continue its mission to connect every monetary store of value in Africa and beyond.

Flourish Ventures, a global fintech venture firm, and TLcom Capital, a UK-based firm with expertise in the African tech space, provide Zone with networks, credibility, and local understanding to support its expansion plans. Other investors in the round include Digital Currency Group, VKAV, and Alter Global, showcasing investor confidence in Zone’s mission. With the support of Endeavor Catalyst and existing shareholders, Zone is poised to accelerate its vision of a regulated and decentralized global payment infrastructure.

Obi Emetarom, CEO and co-founder of Zone, expressed gratitude for the investor trust and excitement about redefining payment infrastructure in Africa. The company’s technology allows direct communication between payment ecosystem participants, leading to a new standard of reliability and cost efficiency. With a focus on global expansion and innovation in financial services, Zone is set to transform the payment landscape in Africa and beyond.

Overall, the seed funding round marks a significant milestone for Zone as it continues to drive financial inclusion, reliability, and efficiency in payment systems across Africa.