Zone raises $8.5m to scale its decentralized payment infrastructure

By Gloria Methri

Zone, the African payment infrastructure company, has raised $8.5 million in an oversubscribed seed funding round led by Flourish Ventures and TLcom Capital.

The deal marks a pivotal moment for Zone to build a Blockchain-based decentralized payment infrastructure for financial services providers across the continent and beyond. Zone’s blockchain network delivers reliable, frictionless, and universally interoperable payment experiences at scale to financial service providers and their customers.

The new funding will enable Zone to expand the coverage of its network further 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.

A key priority of the company is to extend its footprint across Africa to support intra-African and international payments.

Flourish Ventures, an early-stage global FinTech venture firm, will provide Zone with a global perspective, networks of industry influencers and extensive Africa FinTech expertise. UK-based TLcom Capital provides essential local credibility and understanding of the African tech space while leveraging its existing relationships with key decision-makers in Nigeria to establish a strong foundation for Zone within its home market.

Other investors in this round include international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures) and Alter Global, each bringing niche sector expertise and credibility.

Commenting on the funding round, Obi Emetarom, CEO and co-founder of Zone, said, “As we step into this new phase at Zone, we are re-energized, and our commitment to transforming Africa’s payment infrastructure is renewed. Our new investors and existing shareholders, including CCA, Lateral Capital, Constant Ventures and V8, bring more than just financial backing, as their global scope and deep expertise make them invaluable partners for us. With their support, we are poised to accelerate our mission to connect every monetary store of value and enable real-time payments within and across geographical borders.”