- Blockchain startup Zone has raised $8.5 million to “scale decentralized payment infrastructure”.
- The investors were Flourish Ventures and TLcom Capital.
African payments company Zone has announced the completion of an $8.5 million seed round of funding led by venture capital firms Flourish Ventures and TLcom Capital.
The startup is building a decentralized blockchain-based payment infrastructure for financial service providers on the continent and beyond, according to a press release.
“Zone’s network provides payment services for financial service providers and their customers. The company is uniquely positioned to be Africa’s first regulated blockchain network for payments and has already signed agreements with over 15 of Africa’s largest banks and fintech companies,” the statement said.
It is known that the new funding is being used to develop the network domestically and attract more companies. In addition, a “significant portion” of the funds received will be used to conduct a comprehensive pilot program to test cross-border payments, planned for 2025.
The company added that one of Zone’s key priorities is to ensure it is ready to expand its presence in Africa.
We previously reported that between March 9 and March 16, 2024, 38 projects raised investments totaling $258.7 million.
