Zone, the leading payment infrastructure company in Africa, has successfully raised $8.5 million in a seed funding round led by Flourish Ventures and TLcom Capital, signaling a significant milestone in the company’s journey.
Transforming Payment Infrastructure This funding marks a pivotal moment for Zone as it endeavors to construct a Blockchain-based decentralized payment infrastructure for financial service providers across Africa and globally. By leveraging blockchain technology, Zone aims to provide reliable, seamless, and universally interoperable payment experiences at scale, revolutionizing the financial landscape.
Building Momentum Zone’s status as Africa’s first regulated blockchain network for payments has already gained considerable traction, with over 15 of Africa’s largest banks and fintech companies already integrated into its blockchain network.
Expansion Plans The new funding will enable Zone to expand its network coverage domestically and establish connections with more banks and financial services firms. A significant portion of the funds will also be allocated to conducting a comprehensive pilot program in 2025 to test the company’s cross-border capabilities, a crucial step towards realizing its vision of becoming a global payment network.
Expert Backing Lead investors Flourish Ventures and TLcom Capital bring extensive expertise and industry knowledge to Zone. Flourish Ventures, a global fintech venture firm with a purpose-driven approach, will provide Zone with global perspectives and deep Africa fintech expertise, facilitating expansion into new markets. TLcom Capital, known for its local credibility and understanding of the African tech space, will establish a solid foundation for Zone within its home market.
Further Support Other investors in this round include international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global, reinforcing Zone’s mission to establish a regulated and decentralized global payment infrastructure. Additionally, endorsement and investment from Endeavor Catalyst reaffirm Zone’s position as a leader in Africa’s fintech revolution.
Vision for the Future Obi Emetarom, CEO and co-founder of Zone, expressed gratitude for investor support and reiterated the company’s commitment to transforming Africa’s payment infrastructure. Investors such as Ameya Upadhyay of Flourish Ventures and Ido Sum of TLcom Capital praised Zone’s technology for its potential to set new standards in reliability, speed, and cost efficiency in payments.
Accelerating Innovation With the backing of prominent investors and a clear vision for the future, Zone is poised to accelerate its mission to connect every monetary store of value and enable real-time payments within and across geographical borders. This drive will contribute to financial inclusion and innovation across Africa and beyond.
Source: Innovation Village