TLcom has co-led a Seed funding round for Zone, a fintech startup leveraging blockchain technology to revolutionize payment processing in Nigeria and beyond.
Target Company Overview
Zone is an innovative fintech company co-founded by Obi and Wale, who previously built AppZone, a successful provider of core banking software and payment solutions. The impetus to create Zone arose from their extensive experience in the financial services sector throughout Africa, particularly in addressing the pressing issues related to payment processing. Zone is focused on building a revolutionary payment switching system grounded in blockchain technology, which aims to enhance transaction reliability and streamline payment processes for financial institutions.
Zone’s private blockchain-based switch seeks to remedy the challenges posed by outdated legacy systems that hinder payment processing efficiency. The organization aspires to revolutionize the payment landscape in Nigeria and potentially across Africa by offering a solution that guarantees near-perfect transaction success rates and automated reconciliation for financial institutions.
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Industry Overview in Nigeria
The fintech landscape in Nigeria is experiencing unprecedented growth, with digital payment transactions surpassing N600 trillion (approximately $375 billion) in 2023, an increase of over 55% year-on-year. This surge is driven by factors such as population growth, increase
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TLcom
invested in
Zone
in 2023
in a Seed Stage deal