March 19, 2024

Nigerian Fintech Zone Secures $8.5M To Lead Blockchain Payment Revolution


Lagos-based blockchain payments startup Zone has raised $8.5 million in an oversubscribed seed funding round.

Nigerian Startup Zone

Zone’s fundraising success is part of a growing trend in Africa’s fintech sector, which has recently seen companies like Cleva and Zuvy secure significant investments. 

Founded in 2008 by Emeka EmetaromObi Emetarom, and Wale Onawunmi in Lagos, Nigeria, Zone positions itself as Africa’s first regulated payment blockchain network.

Its blockchain-based decentralized payment infrastructure caters to financial service providers across the continent and beyond. 

The startup has collaborated with over 15 of Africa’s top banks and fintech companies, illustrating its robust market presence.

The $8.5M Funding Round

VC firms Flourish Ventures and TLcom Capital led this financial venture – they have previously invested in successful startups like Pastel and Vendease.

This round included contributions from specialized international blockchain-focused VC firms such as Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures), and Alter Global. 

A substantial portion of the investment will be channeled towards expanding its domestic network, connecting more banks and financial service companies across Nigeria. 

Furthermore, Zone plans to launch a comprehensive pilot program in 2025 to explore cross-border capabilities, aligning with its mission to evolve into a global payment network.

“The participation of high-quality investors despite the funding drought… is a sign of trust in the Zone brand and investor excitement about the opportunity to redefine payment infrastructure in Africa,” CEO and Co-Fouder of Zone, Emetarom, told TechCrunch.

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.