African blockchain payment network, Zone, has raised $8.5 million in an oversubscribed seed funding round led by VC firms Flourish Ventures and TLcom Capital.
Zone's Layer-1 Blockchain network allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management.
The Nigerian company is Africa's first regulated blockchain network for payments and has already signed up over 15 of Africa's largest banks and fintech companies.
Obi Emetarom, CEO and co-founder of Zone, says the new funding will be used 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.
"The participation of high-quality investors despite the funding drought and the fact that we had more interested investors than we needed, is a sign of trust in the Zone brand and investor excitement about the opportunity to redefine payment infrastructure in Africa," he says.
Learn more about payments at NextGen Nordics on the 23 April 2024.