Zone, Africa’s rapidly growing payment infrastructure company, has successfully raised $8.5 million in an oversubscribed seed funding round, led by esteemed VC firms Flourish Ventures and TLcom Capital.
This investment marks a significant milestone for Zone as it continues its mission to construct a blockchain-based decentralized payment infrastructure for financial service providers across Africa and beyond.
Utilizing blockchain technology, Zone’s network delivers reliable, seamless, and universally interoperable payment solutions to financial institutions and their clientele at scale.
Positioned as Africa’s premier regulated blockchain network for payments, Zone has already onboarded over 15 of Africa’s leading banks and fintech firms.
The fresh capital infusion will facilitate Zone’s network expansion within Africa and its connection to more banks and financial service providers. A substantial portion of the funding will also be allocated to conducting a thorough pilot program in 2025 to assess the company’s cross-border capabilities. A key objective is to prepare for extending its reach across Africa to support intra-African and international payments, aligning with its vision of becoming a global payment network.
Flourish Ventures, a purpose-driven global fintech venture firm, will offer Zone a global perspective, industry influencer networks, and extensive expertise in Africa’s fintech landscape, facilitating expansion into new markets.
TLcom Capital, based in the UK, provides crucial local credibility and insight into the African tech scene, leveraging existing relationships in Nigeria to establish a strong foundation for Zone in its home market.
Other investors in this round include international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global, each contributing niche sector expertise and credibility. These investments during a challenging funding environment signify investor confidence in Zone’s mission to revolutionize payment infrastructure in Africa.
Furthermore, the endorsement and investment from Endeavor Catalyst affirm Zone’s position as a frontrunner in Africa’s fintech revolution, showcasing alignment with the entrepreneurial spirit driving technological transformation and economic advancement.
Obi Emetarom, CEO and co-founder of Zone, expressed gratitude for the investor trust in the Zone brand and excitement about reshaping Africa’s payment infrastructure. He emphasized the invaluable support of both new and existing investors in accelerating Zone’s mission.
Flourish Ventures Partner Ameya Upadhyay highlighted the transformative potential of Zone’s technology in enhancing payment experiences, emphasizing the company’s leadership and expertise.
Ido Sum, Partner at TLcom Capital, emphasized the groundbreaking nature of Zone’s infrastructure and its potential to deliver substantial value to financial institutions and end-users across Africa and beyond. He expressed confidence in Zone’s leadership and its trajectory towards global expansion.
Source: Techeconomy
