African blockchain payment network Zone has secured $8.5 million in a successful seed funding round, which was oversubscribed and led by VC firms Flourish Ventures and TLcom Capital.
Zone’s Layer-1 Blockchain network enables participating institutions to connect directly, facilitating payment transactions without intermediaries while fully automating settlement, reconciliation, and dispute management. The Nigerian company is recognized as Africa’s first regulated blockchain network for payments and has onboarded over 15 of the continent’s largest banks and fintech firms.
According to Obi Emetarom, CEO and co-founder of Zone, the new funding will support the expansion of its network within Nigeria and enhance connections with additional banks and financial service providers. A substantial portion of the funds will also be directed towards a comprehensive pilot program aimed at testing the company’s cross-border capabilities, scheduled for 2025.
"The participation of high-quality investors during a funding drought, along with greater interest from potential investors than we needed, signifies trust in the Zone brand and enthusiasm about the prospect of transforming payment infrastructure in Africa," Emetarom stated.
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