by: Andrea Spinelli Barrile | March 28, 2024
Nigerian fintech Zone, which uses blockchain to process payment transactions for banks and fintechs, has raised $8.5 million in funding to continue its growth. Flourish ventures and the British company Tlcom capital led this fundraising.
This was reported by Agence Ecofin, which specifies that Digital currency group, Verod-kepple Africa ventures and Alter global also participated in the financing of Zone. Zone plans to expand its blockchain network across Nigeria, connecting more banks and financial services companies. Zone will dedicate part of this new funding to running a pilot program to launch a remittance product by 2025: “At the moment, the focus is on developing national capabilities in terms of technology and use cases,” Zone said in an official note.
The funds raised represent the first financing mobilized by the fintech after the split with its parent company, Appzone, in 2022. The company, which operates a blockchain network that enables a flow of transactions between financial services providers, currently collaborates with about fifteen of banks that use its network to process payments.
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