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African Startup Funding Tracker

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Nigerian Fintech Zone Raises USD 8.5 M Seed To Scale
Nigerian Fintech Zone Raises USD 8.5 M Seed To Scale

Nigerian startup Zone, a payment infrastructure company, has raised USD 8.5 M in an oversubscribed seed funding round to help it scale its blockchain-based decentralised payment infrastructure for financial services providers across the continent and beyond. The round was led by Flourish Ventures and TLcom Capital, with participation from Digital Currency Group (DCG), Verod-Kepple Africa Ventures (VKAV), Alter Global, and Endeavor Catalyst.

Zone has developed a layer-one bockchain network that digitises fiat payments and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem. Zone’s blockchain network delivers reliable, frictionless and universally interoperable payment experiences at scale to financial service providers and their customers. 

The infusion of capital will enable Zone to further expand the coverage of its network domestically and connect more banks and financial services companies. A significant portion of the proceeds will also be allocated to conducting a comprehensive pilot programme to test the company’s cross-border capabilities, scheduled for 2025.