Nigerian fintech company Zone has secured $8.5 million in funding to revolutionise digital payments in Africa.
Led by Flourish Ventures and TLcom Capital, the investment will help Zone expand its blockchain network, which aims to make sending money easier and cheaper across Sub-Saharan Africa.
Zone, formerly known as Appzone Group, shifted its focus to blockchain technology to launch Qore, a Banking-as-a-Service business, in 2022.
This move was aimed at reducing the high costs of sending money to Sub-Saharan Africa, which rose from 7.2% to 7.9% between Q2 2022 and Q2 2023, according to the World Bank.
Obi Emetarom, Zone’s co-founder and CEO, explained that Zone’s blockchain network connects different forms of currency, making payments faster and more reliable.
Over 15 African banks and fintech startups, including Access Bank Plc and Guaranty Trust Bank Plc, have already joined Zone’s network.
With the recent funding, Zone plans to expand its services domestically and pilot cross-border transactions in 2025. This funding round, oversubscribed by investors like Digital Currency Group and Verod-Kepple Africa Ventures, will help Zone realise its vision of becoming a global payment network.
Zone’s innovative technology has been recognized by Flourish Ventures, with Partner Ameya Upadhyay emphasising the potential for a new standard of reliability, speed, and cost efficiency in payments.
Zone’s journey began in 2022 when the Central Bank of Nigeria granted it a payment switching and processing licence, allowing the company to enhance its transaction services through blockchain technology.
Related Posts
Klasha Raises An Additional $2 Million To Expand B2B Cross-Border Payment Rails Into China
Moove Expands To Mexico, Extending Global Footprint
