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Nigerian payment startup, Zone raises $8.5 million in Seed funding  




Payment infrastructure company, Zone, has raised $8.5 million in an oversubscribed seed funding round led by VC firms Flourish Ventures and TLcom Capital.  

According to a statement from the company, the new funding will enable Zone 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 program to test the Company’s cross-border capabilities, scheduled for 2025.  

The company added that another key priority is to ensure that it is well-prepared to extend its footprint across Africa to support intra-African and international payments which will bring the company closer to its vision of becoming a global payment network.   

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, the CEO and co-founder of Zone, Obi Emetarom, said:  

Also commenting on the investment in Zone, Partner at Flourish Ventures, Ameya Upadhyay, said Zone’s technology enables direct communication between participants in the payment ecosystem for the first time in Africa.  

Flourish Ventures, an early-stage global fintech venture firm with purpose will provide Zone with a global perspective, networks of industry influencers, and extensive Africa fintech expertise, paving the way for expansion into new markets.  

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.  

Additionally, the endorsement and investment from Endeavor Catalyst reinforces Zone’s status as a frontrunner in Africa’s fintech revolution, highlighting the company’s alignment with the entrepreneurial spirit that drives technological transformation and economic progress. 

The deal marks a pivotal moment for Zone as the company continues on its journey to build a Blockchain-based decentralized payment infrastructure for financial services providers across the continent and beyond.