Fintech startup raises $8.5m to deepen payment infrastructure

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A Nigerian fintech startup that uses blockchain networks to enable payments in digital currencies, Zone, has raised $8.5m in a seed round

The startup announced on Monday that the new funding would allow Zone to expand its network coverage nationwide and connect more financial services companies and banks.

The funding was led by TLcom Capital and Flourish Ventures. Additional capital was raised from Digital Currency Group, Verod-Kepple Africa Ventures, Alter Global, and Endeavor Catalyst.

Zone is one half of the Appzone Group, founded by Obi Emetarom, Emeka Emetarom, and Wale Onawunmi in 2008.

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