Rédaction Africa Links 24 with Guardian Nigeria
Published on 2024-03-27 01:46:36
Zone, a payment infrastructure company, has recently secured $8.5 million in funding from an oversubscribed seed funding round. This round was led by prominent VC firms, Flourish Ventures and TLcom Capital. The investment marks a significant milestone for Zone as it continues to develop a Blockchain-based decentralized payment system for financial services providers in Africa and beyond.
As Africa’s first regulated blockchain network for payments, Zone has already onboarded more than 15 of the continent’s largest banks and fintech companies. The new funding will allow Zone to expand its network domestically, connecting more banks and financial services providers. A portion of the funds will be used to conduct a comprehensive pilot program in 2025 to test its cross-border capabilities. This is a key initiative for the company as it aims to extend its reach across Africa to support both intra-African and international payments, bringing it closer to its goal of becoming a global payment network.
Flourish Ventures, a global fintech venture firm with a focus on purpose, will bring a global perspective, industry connections, and extensive fintech expertise in Africa to Zone. TLcom Capital, based in the UK, will provide local credibility and understanding of the African tech space, leveraging its relationships in Nigeria to establish a strong foundation for Zone in its home market.
In addition to Flourish Ventures and TLcom Capital, other investors in the funding round include Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global, all of whom bring expertise in the blockchain sector. These investments come at a time when start-up funding is scarce, underscoring investor confidence in Zone’s mission to establish a regulated and decentralized global payment infrastructure.
Obi Emetarom, CEO and co-founder of Zone, expressed gratitude for the support from high-quality investors and the overwhelming interest in the funding round. He highlighted the trust in the Zone brand and the excitement about reshaping payment infrastructure in Africa. With a renewed commitment to transforming Africa’s payment landscape, Emetarom emphasized the importance of investors like Flourish Ventures, TLcom Capital, and existing shareholders in accelerating Zone’s mission to enable real-time payments across borders.
With a focus on staying at the forefront of technological advancements in financial services, Zone is poised for growth and innovation. The company’s vision of connecting every monetary store of value aligns with the changing landscape of global payments. By leveraging the expertise and networks of its investors, Zone is well-positioned to lead the evolution of payment infrastructure in Africa and beyond.
