March 18, 2024
Nigerian fintech company Zone has secured $8.5 million in a seed funding round to expand its decentralized payment infrastructure. The funding round was co-led by Flourish Ventures and TLcom Capital Partners, with participation from Alter Global, Digital Currency Group, Endeavor Catalyst, and Verod-Kepple Africa Ventures.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Zone | March 18, 2024 | $8.5M | Seed | $8.5M | Flourish Ventures | Blockchain |
Zone’s infrastructure addresses challenges in Africa's current payment systems, which may not be suitable for a cashless future. Zone connects banks and fintech companies by developing an interoperable payment network using blockchain technology, allowing seamless transaction flows without intermediaries. The company has signed up over 15 of Africa's largest banks and is processing domestic transactions for seven of these banks through various channels, including ATMs.
The decentralized nature of Zone’s platform also ensures automatic reconciliation and instant settlement. This feature addresses common issues such as transaction failures and delayed refunds, offering immediate adjustments and refunds. Merchants benefit from instant settlement, receiving funds immediately after transactions, which helps in managing liquidity and ensuring smooth operations.
The recent funding round will enable Zone to launch additional functionalities and expand its network coverage to other payment channels, catering to a broader range of clients. The company aims to reduce the time required to onboard new clients, including banks and fintechs, enhancing the efficiency of its operations.
About Zone:
Zone is a regulated blockchain network that enables payments and the acceptance of digital currencies. The company leverages blockchain technology to build a secure, interoperable payment infrastructure that connects banks and fintech companies across Africa.
Website: https://zonenetwork.com/
About Investor
Investor: Flourish Ventures
Flourish Ventures is a global venture capital firm supporting entrepreneurs who enhance financial health and economic resilience. They focus on innovative solutions in financial services, economic opportunity, and enabling technology, aiming to drive meaningful change for underserved communities and emerging markets.
Location: United States
Website: https://flourishventures.com/
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