Zone, a rapidly expanding payment infrastructure company in Africa, has successfully concluded an oversubscribed seed funding round, raising $8.5 million. The round was led by esteemed venture capital firms Flourish Ventures and TLcom Capital, marking a significant milestone for Zone as it continues to advance its mission of building a blockchain-based decentralized payment infrastructure across the continent and beyond.
Harnessing the potential of blockchain technology, Zone’s platform offers reliable, frictionless, and universally interoperable payment experiences to financial service providers and their customers. Serving as Africa’s first regulated blockchain network for payments, Zone has already onboarded over 15 of the region’s largest banks and fintech companies.
The fresh capital infusion will enable Zone to expand the coverage of its network domestically and forge connections with more banks and financial services firms. A substantial portion of the funding will be allocated to conducting comprehensive pilot programs aimed at testing the company’s cross-border capabilities, slated for 2025. Zone’s overarching goal is to extend its footprint across Africa to support intra-African and international payments, thereby positioning itself as a global payment network.
Flourish Ventures will provide Zone with global perspectives, industry networks, and extensive expertise in Africa’s fintech landscape, facilitating expansion into new markets. TLcom Capital, leveraging its local credibility and deep understanding of the African tech sector, will lay the groundwork for Zone’s growth within its home market, particularly in Nigeria.
Joining Flourish Ventures and TLcom Capital in this funding round are renowned blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global. Their investments underscore investor confidence in Zone’s mission to revolutionize payment infrastructure in Africa and beyond.
Furthermore, the endorsement and investment from Endeavor Catalyst further solidify Zone’s position as a trailblazer in Africa’s fintech revolution.
Obi Emetarom, CEO and co-founder of Zone, expressed gratitude for the trust placed in the company by high-quality investors, highlighting their excitement about reshaping Africa’s payment infrastructure. With the support of both new and existing investors, including CCA, Lateral Capital, Constant Ventures, and V8, Zone is poised to accelerate its mission of enabling real-time payments across borders.
Flourish Ventures’ Ameya Upadhyay emphasized Zone’s groundbreaking technology, which facilitates direct communication between participants in the payment ecosystem, offering customers unparalleled reliability, speed, and cost efficiency.
Ido Sum, Partner at TLcom Capital, echoed the sentiment, expressing confidence in Zone’s ability to deliver significant value to financial institutions and end-users alike, while also commending the company’s leadership team for their vision and expertise in the banking industry.
With the support of its investors, Zone is well-positioned to drive innovation and transformation in the financial services sector, both in Africa and globally.
