Zone, a blockchain-based payments company linked to parent entity Appzone, secured $8.5 million in its inaugural venture capital funding round in 2022. This considerable monetary boost was geared towards aiding banks and fintech organizations in streamlining their payment procedures. The funds enabled Zone to upgrade its blockchain technology, thereby providing seamless, cost-effective, and secure transactions for its partner institutions.
Flourish Ventures and TLcom Capital, among others, led the funding round. The expended capital is geared towards primarily effecting substantial expansion in the enterprise. Zone aims to extend its nationwide network with these funds and create strategic alliances with more banks and fintech companies.
Access Bank Plc, Guaranty Trust Bank Plc, and United Bank of Africa are prominent members of Zone’s clientele. These Nigerian banks identify the potential in Zone’s technology to enhance payment solutions on a global scale. Zone CEO, Obi Emetarom, emphasized the company’s main focus is developing an API for integration into payment applications of banks, fintechs, and other financial service providers, rather than building an end-user interface. The primary aim is to create a seamless payment experience for these financial institutions.
Zone plans to extend its network throughout Africa despite unpredictable fundraising activities, using a portion of the recently raised funds to execute a pilot program to analyze its cross-border capabilities. Emetarom, however, reiterated that Zone’s current focus is towards enhancing its domestic technical capabilities. The company ardently believes in the importance of strategically planning its expansion to ensure the long-term sustainability of its robust infrastructure.
The commitment and confidence of investors in Zone’s innovation and the expertise of its founders have created a promising future for the company. With its revolutionary solutions and experienced leadership, Zone is on track for substantial growth in the forthcoming years.
