Zone, a payment infrastructure startup based in Lagos, Nigeria, has raised $8.5 million in seed money.
TLcom Capital and Flourish Ventures led the financing. International venture capital firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global were among the other investors.
The company plans to connect more banks and financial services providers and utilize the money to further broaden the network’s domestic reach.
Zone, a regulated blockchain network that facilitates payments and the adoption of virtual currencies, is run by CEO Obi Emetarom.
Its Layer-1 Blockchain network links previously unconnected financial institutions into an all-inclusive payment ecosystem, digitizing Fiat payments and facilitating the shift to digital currencies.
The business fully automates settlement, reconciliation, and dispute resolution while enabling participating institutions to communicate with one another directly and carry out financial transactions without the need for a middleman.
