To grow its decentralized payment infrastructure, Nigeria’s Zone raised $8.5 M Seed funding

In order to help it expand its blockchain-based decentralized payment infrastructure for financial services providers throughout the continent and beyond, Nigerian startup Zone has raised US $8.5 million in an oversubscribed seed funding round.

Zone has created an all-inclusive payment ecosystem by connecting previously unconnected financial institutions through a layer-one blockchain network that digitizes fiat payments and facilitates the shift to digital currencies.

Through the utilization of blockchain technology, Zone’s blockchain network provides financial service providers and their clients with scalable, dependable, and globally compatible payment experiences. With over 15 of the biggest banks and fintech firms in Africa already signed up, Zone holds a unique position as the continent’s first regulated blockchain network for payments.

With the help of Flourish Ventures, TLcom Capital, Digital Currency Group (DCG), Verod-Kepple Africa Ventures (VKAV), Alter Global, and Endeavor Catalyst, the company has now raised US $8.5 million in seed funding.

With the help of the capital infusion, Zone will be able to connect more banks and financial services firms and increase the domestic network’s coverage. A sizeable amount of the earnings will also go toward carrying out a thorough pilot program that will assess the business’s cross-border capabilities by 2025.

Making sure that Zone is ready to expand throughout Africa in order to facilitate both domestic and international payments is a top priority. This will help the company realize its goal of becoming a global payment network.

“The participation of high-quality investors despite the funding drought and the fact that we had more interested investors than we needed, is a sign of trust in the Zone brand and investor excitement about the opportunity to redefine payment infrastructure in Africa,” said Obi Emetarom, CEO and co-founder of Zone. “As we step into this new phase at Zone, we are re-energised and our commitment to transforming Africa’s payment infrastructure is renewed.”

According to Emetarom, Zone will now quicken its efforts to link all financial institutions and facilitate instantaneous payments both within and between countries.

“For the first time in Africa, Zone’s technology enables direct communication between participants in the payment ecosystem. We believe this is a fundamental leap that will allow customers to experience a completely new standard of reliability, speed, and cost efficiency at the ATM, at POS machines, and online,” said Ameya Upadhyay, partner at Flourish Ventures.

“We are excited by the potential for Zone’s technology to be replicated across borders to advance payment innovation globally. The fact that Zone is led by Obi and Wale who are veterans of the banking industry reinforces our conviction that Zone can fulfill our shared goal of moving the entire sector forward.”