Zone, an emerging powerhouse in Africa’s financial technology landscape, announced a significant milestone in its growth trajectory with the completion of an $8.5m oversubscribed seed funding round.
This financial infusion was spearheaded by renowned international VC investment firms Flourish Ventures and TLcom Capital, marking a pivotal moment for the company.
At the heart of Zone’s operations is its mission to revolutionise the payment infrastructure within the continent and beyond. Leveraging blockchain technology, Zone is constructing a decentralized payment infrastructure that aims to provide seamless, reliable, and interoperable payment solutions. With over 15 of Africa’s largest banks and FinTech companies already on board, Zone stands out as Africa’s first regulated blockchain network dedicated to payments.
The fresh injection of capital is earmarked for extensive expansion of Zone’s network coverage within its domestic market and to forge new connections with banks and financial services entities. A substantial portion of the funds will also support a comprehensive pilot programme aimed at testing cross-border payment capabilities, setting the stage for Zone’s vision to morph into a global payment network.
Support from Flourish Ventures and TLcom Capital is complemented by contributions from other investors, including Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global. These partnerships, amidst a challenging funding environment, underscore the confidence in Zone’s blueprint for transforming Africa’s payment infrastructure and its potential for global impact.
Reflecting on the funding success, Zone CEO and co-founder Obi Emetarom expressed gratitude and renewed commitment to the company’s mission, highlighting the strategic partnership with investors who bring not only financial support but also invaluable expertise and global perspective to the table.
Emetarom said, “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. As we step into this new phase at Zone, we are re-energized and our commitment to transforming Africa’s payment infrastructure is renewed.
“Our new investors and existing shareholders including CCA, Lateral Capital, Constant Ventures and V8 bring more than just financial backing as their global scope and deep expertise make them invaluable partners for us. With their support, we are poised to accelerate our mission to connect every monetary store of value and enable real-time payments within and across geographical borders. Zone is committed to staying at the forefront of technological advancement and industry evolution in financial services.”
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