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Nigerian fintech Zone raises $8.5M seed to scale its decentralized payment infrastructure

TechCrunch · 1y

Zone, a Nigerian fintech software provider, has raised $8.5 million in a seed round for its blockchain-enabled payment infrastructure. The startup has developed an interoperable payment network using blockchain technology to connect banks and fintech companies, facilitating transactions without intermediaries. Zone has already signed up over 15 of Africa's largest banks and is processing domestic transactions for seven of them. Its platform aims to provide reliability, scalability, and automated reconciliation for payments, as well as instant settlement and increased visibility for merchants. The funding will be used to launch additional functionalities and expand its network coverage.