Zoneone of Africa’s fastest growing payment infrastructure companies has gathered 8.5 million dollars in an oversubscribed round of seed funding led by VC firms Flourish Ventures and TLcom Capitalarge.
Details
Harnessing the power of blockchain, Zone’s blockchain network delivers trusted, frictionless and universally interoperable payment experiences at scale to financial service providers and their customers.
Zone has a unique position as Africa’s first controlled blockchain network for payments and already has signed more than 15 of Africa’s largest banks and fintech companies.
Zoom in
The new funding will allow Zone to further expand its network coverage domestically and connect more banks and financial services companies.
A significant portion of the proceeds will also be allocated to conduct a comprehensive pilot program to test the Company’s cross-border capabilities, scheduled for 2025.
What they say
Commenting on the funding round, Obi Emetarom, The CEO and co-founder of Zone, said:
“The participation of high-quality investors despite the scarcity of funding and the fact that we had more interested investors than we needed is a sign of confidence in the Zone brand and investor excitement for the opportunity to redefine the payments infrastructure in Africa. As we enter this new phase at Zone, we are re-energised and renewed in our commitment to transforming Africa’s payments infrastructure. Our new investors and existing shareholders, including CCA, Lateral Capital, Constant Ventures and V8 offer more than just financial support, as their global reach and deep expertise make them invaluable partners for us.
With their support, we are poised to accelerate our mission to connect every money store of value and enable real-time payments within and across geographic borders. Zone is committed to staying at the forefront of technological advancements and the evolution of the financial services industry.β
Ameya Upadhyay, Partner at Flourish Ventures, said:For the first time in Africa, Zone’s technology enables direct communication between participants in the payment ecosystem. We believe this is a fundamental leap that will allow customers to experience a whole new standard of reliability, speed and cost efficiency at the ATM, POS machines and online.
We are excited by the potential for Zone’s technology to be replicated across borders to drive payments innovation globally. The fact that Zone is led by Obi and Wale, who are veterans of the banking industry, reinforces our belief that Zone can deliver on our shared goal of moving the entire industry forward..β
Ido Sum, Partner at TLcom Capital, said:We are excited to partner with Obi Emetarom and Wale Onawunmi, co-founders of Zone, on their journey to create a class-defining fintech company that uses advanced blockchain technology to solve a critical payment system challenge. The Company’s innovative infrastructure has the potential to deliver tremendous value to financial institutions, enhancing the overall payments experience for end users and reducing costs for the hundreds of millions of consumers and businesses that rely on digital payments in Africa every day.
We have no doubt that Zone, led by Obi and Wale, is well on its way to becoming a global company over time and TLcom is excited to bring its complementary experience, networks and expertise to support the Company in fulfilling its impressive scale ambitions. “
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