The Nigerian startup, Zone got massive funding of up to $8.5 million to continue business operations as a standalone company.
The startup was once part of a parent company, AppZone, till 2022, when it split.
Zone helps banks and companies to process payments in the form of blockchain payments.
The startup had its initial funding from the parent company, but Zone needed to generate income for its operations as time passed.
The company boasts of having a clientele of about 15 banks, with Access Bank, Guaranty Trust Bank, and United Bank of Africa forming the big banks that patronize the startup.
The companies that led the seed round were Flourish Ventures and TLcom Capital. Other ventures that were present include Verrod Kepple Capital Ventures and Alter Global.
The purpose of the funding is to allow Zone to expand their base of operations and their network to spread domestically. They also want to widen their range to more banks and financial service companies.
They also aim to improve their technology and their instant payments. They also aim to broaden the uses of blockchain networks beyond ATM usage.
Obi Emeratom, Zone’s founder, also stated that the technology is not for end users but for banks, financial service companies, and fintech corporations.
The funding is a big deal simply because this is the highest funding recorded by a Nigerian firm, with Africa’s total startup funding at $3.2 billion in three years.
Zone’s ambitions also encompass the idea of cross-border launching, as we as a remittance program in the works.
