Zone, Africa’s leading payment infrastructure company, has successfully secured $8.5 million in an oversubscribed seed funding round led by Flourish Ventures and TLcom Capital, marking a significant milestone in the company’s journey.
This injection of funds represents a pivotal moment for Zone as it embarks on its mission to build a Blockchain-based decentralized payment infrastructure for financial service providers across Africa and beyond. Leveraging blockchain technology, Zone aims to deliver reliable, frictionless, and universally interoperable payment experiences at scale, revolutionizing the financial landscape.
Zone’s unique position as Africa’s first regulated blockchain network for payments has already garnered significant traction, with over 15 of Africa’s largest banks and fintech companies onboarded onto its blockchain network.
The new funding will empower Zone to expand its network coverage domestically and forge connections with additional banks and financial services companies. A substantial portion of the proceeds will also be allocated to conducting a comprehensive pilot program in 2025 to test the company’s cross-border capabilities, a key step towards realizing its vision of becoming a global payment network.
Flourish Ventures and TLcom Capital, the lead investors in this round, bring a wealth of expertise and industry knowledge to Zone. Flourish Ventures, an early-stage global fintech venture firm with a purpose-driven approach, will provide Zone with a global perspective and extensive Africa fintech expertise, facilitating expansion into new markets. TLcom Capital, with its local credibility and deep understanding of the African tech space, will establish a strong foundation for Zone within its home market.
In addition to Flourish Ventures and TLcom Capital, other investors in this round include international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global, further bolstering Zone’s mission to establish a regulated and decentralized global payment infrastructure.
Furthermore, the endorsement and investment from Endeavor Catalyst reaffirm Zone’s position as a frontrunner in Africa’s fintech revolution, underscoring the company’s commitment to technological transformation and economic progress.
Commenting on the funding round, Obi Emetarom, CEO and co-founder of Zone, expressed gratitude for the support from investors and reiterated the company’s dedication to transforming Africa’s payment infrastructure.
Zone’s innovative technology has also garnered praise from investors. Ameya Upadhyay, Partner at Flourish Ventures, highlighted the potential for Zone’s technology to set a new standard of reliability, speed, and cost efficiency in payments, while Ido Sum, Partner at TLcom Capital, emphasized the company’s potential to deliver tremendous value to financial institutions and end-users alike.
With the backing of prominent investors and a clear vision for the future, Zone is poised to accelerate its mission to connect every monetary store of value and enable real-time payments within and across geographical borders, driving financial inclusion and innovation across Africa and beyond.
