Nigerian Blockchain Startup Zone Raises $8.5M Funding

Zone, a Nigerian fintech company focused on blockchain technology, has successfully raised $8.5 million in a seed funding round, primarily driven by Flourish Ventures and TLcom Capital. The funding will enable Zone to revolutionize the financial industry in Africa by simplifying digital currency transactions and enhancing cross-border transactions.

Appzone Group, a previous provider of financial technology tools, made a strategic shift by launching Zone and Qore, its Banking-as-a-Service business. In 2022, this business was spun off into a new standalone company, aiming to revolutionize the industry.

Zone is a blockchain network that aims to reduce transaction costs, facilitate immediate dispute resolution, and enhance the reliability of payments across Africa and other regions. More than 15 African institutions and fintech startups have already joined Zone, with plans to establish itself as a global payment network.

The funding will support Zone's efforts to expand domestic coverage and conduct a pivotal pilot program in 2025 to assess the capabilities of Zone for facilitating smooth cross-border transactions. The objective of Zone is to establish itself as a worldwide payment network.