Your daily fintech and banking briefing.
Today: Jun 13, 2024

Nigerian Fintech Zone secures $8.5M to boost growth.

1 min read

TLDR:

  • Nigerian fintech startup Zone has raised $8.5 million in seed funding to scale its blockchain-based payment infrastructure.
  • The funding round was led by Flourish Ventures and TLcom Capital, with participation from other investors.

In an oversubscribed seed funding round, Nigerian fintech startup Zone has raised $8.5 million to help scale its blockchain-based payment infrastructure for financial services providers. The funding was led by Flourish Ventures and TLcom Capital, with participation from Digital Currency Group, Verod-Kepple Africa Ventures, Alter Global, and Endeavor Catalyst. Zone has developed a layer-one blockchain network that digitizes fiat payments and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem. This funding will allow Zone to expand the coverage of its network domestically and connect more banks and financial services companies. Additionally, a portion of the proceeds will be used for a pilot program to test the company’s cross-border capabilities in 2025.