Zone, a payment infrastructure startup based in Lagos, Nigeria, has raised $8.5 million in seed money.
TLcom Capital and Flourish Ventures led the round. 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 use the money to further broaden the network’s domestic coverage.
Zone, a regulated blockchain network that facilitates payments and the acceptance 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.
“It is a sign of confidence in the Zone brand and investor excitement about the opportunity to redefine payment infrastructure in Africa that high-quality investors participated despite the funding drought and the fact that we had more interested investors than we needed.”We at Zone are revitalized and recommitted to revolutionizing Africa’s payment infrastructure as we enter this new chapter. CCA, Lateral Capital, Constant Ventures, and V8, among other new and current shareholders, provide us with more than just financial support; their extensive experience and global reach make them invaluable partners. With their help, we can move forward with our goal of connecting all money stores and facilitating real-time payments both inside and outside of national borders. Zone is dedicated to remaining at the forefront of the financial services industry’s evolution and technological advancement.” said Obi Emetarom.
