TLDR:
- Zone raises $8.5m in funding from VC firms Flourish Ventures and TLcom Capital
- Zone is Africa’s first regulated layer-1 blockchain for payments and aims to expand its network domestically
Zone, Africa’s first regulated blockchain network for payments, recently announced that it has raised $8.5m in an oversubscribed seed funding round led by VC firms Flourish Ventures and TLcom Capital. This funding marks a pivotal moment for Zone as it continues its journey to build a Blockchain-based decentralized payment infrastructure for financial services providers.
With over 15 of Africa’s largest banks and fintech companies already signed up, Zone plans to use the funding to 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 program to test the company’s cross-border capabilities in 2025.
A key priority for Zone is to extend its footprint across Africa to support Intra-African and international payments, bringing the company closer to its vision of becoming a global payment network. Flourish Ventures and TLcom Capital will provide Zone with the global perspective, networks, and fintech expertise needed for expansion into new markets.
Commenting on the funding round, Obi Emetarom, CEO and co-founder of Zone, expressed his excitement about the opportunity to redefine payment infrastructure in Africa. The participation of high-quality investors and the overwhelming interest from potential investors reflect trust in the Zone brand and excitement about the company’s potential.
