Africa: Zone Raises $8.5 Million in Seed Funding to Propel Expansion of Its Decentralized Payment Infrastructure

Zone, a rapidly expanding payment infrastructure firm in Africa, has announced the successful closure of its oversubscribed seed funding round, securing $8.5 million in investment. Leading the funding round are venture capital firms Flourish Ventures and TLcom Capital.

This achievement signifies a significant milestone for Zone as it advances its blockchain-based decentralized payment infrastructure aimed at financial service providers across Africa and beyond. Utilizing blockchain technology, Zone’s network delivers dependable, seamless, and universally interoperable payment solutions at scale for financial institutions and their clientele. Notably, Zone stands as Africa’s inaugural regulated blockchain network for payments and has already forged partnerships with over 15 of the continent’s major banks and fintech entities.

The newly acquired funding will propel Zone’s expansion initiatives, empowering the company to broaden its network coverage domestically and onboard additional banks and financial services providers. A considerable portion of the investment will also facilitate the execution of an extensive pilot program in 2025 to test Zone’s cross-border capabilities. A pivotal goal for the company is to prepare for broader expansion across Africa, facilitating intra-African and international payments. This strategic move aligns with Zone’s vision of evolving into a global payment network.

Obi Emetarom, CEO and co-founder of Zone, expressed his thoughts on the funding round, stating:

“The participation of esteemed investors amidst the funding challenges, and the surplus interest we received, underscores the trust in the Zone brand and the excitement among investors regarding the opportunity to redefine payment infrastructure in Africa. As we embark on this new phase at Zone, we are invigorated, and our dedication to transforming Africa’s payment infrastructure is reignited.

“Our new investors and existing shareholders, including CCA, Lateral Capital, Constant Ventures, and V8, bring more than just financial support, as their global reach and profound expertise render them invaluable partners for us. With their backing, we are poised to accelerate our mission to connect every monetary store of value and facilitate real-time payments within and across geographical borders. Zone remains committed to leading technological advancement and industry evolution in financial services.”