visimoney
TLDR:
- Nigerian blockchain fintech startup Zone raises $8.5 million in seed funding led by Flourish Ventures and TLcom Capital.
- Zone aims to revolutionize the high remittance costs in Sub-Saharan Africa by leveraging blockchain technology for universal interoperable payments.
Zone, a Nigerian blockchain fintech startup, has raised $8.5 million in seed funding led by Flourish Ventures and TLcom Capital. The company, founded by Obi Emetarom, aims to address the high remittance costs in Sub-Saharan Africa by using blockchain technology to enable reliable, frictionless, and universally interoperable payments. The company has pivoted from being a fintech software provider to launching Zone and Qore, its Banking-as-a-Service business, which was carved into a separate standalone company in 2022. Zone’s regulated blockchain network streamlines digital currency transactions and acceptance, connecting financial institutions for direct transactions to cut costs, resolve disputes instantly, and ensure reliable payments across the continent and beyond.
With over 15 African banks and fintech startups already onboarded, Zone recently secured $8.5 million in an oversubscribed seed funding round to fuel its expansion plans. The company plans to expand domestic coverage, onboard more banks and financial service companies, and conduct a pilot program in 2025 to test its capabilities for seamless cross-border transactions. The funding round was led by Flourish Ventures and TLcom Capital, with participation from blockchain VC firms like Digital Currency Group and Verod-Kepple Africa Ventures. Zone’s vision is to become a global payment network by enabling direct communication between participants in the payment ecosystem.
In 2022, the Central Bank of Nigeria granted Zone a payment switching and processing license, allowing the company to expand its services and offerings to banks and fintechs through its blockchain network. The funding will support Zone’s growth and innovation efforts towards achieving its goal of maximizing financial inclusion and accelerating economic prosperity in Africa and beyond.
