# Zone

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/zone-2

- Industry: Software
- Headquarters: Lagos, Nigeria
- Website: www.appzonegroup.com
- Total disclosed funding: $10M
- Latest round: Series A (Apr 12, 2021)
- Investors on record: 5

## About

Based in Lagos, Nigeria, and founded in 2008, Zone Payment Network Ltd, formerly Appzone, operates as a fintech software company that provides a full stack of digital infrastructure for banking and payment in Africa. The company was co-founded by Emeka Emetarom, Obi Emetarom, Wale Onawunmi. As of April 2021, the company has 150 employees. In March 2024, Zone raised 8.5 million in venture funding co-led by investors Flourish Ventures and TLcom Capital, with participation from other investors Digital Currency Group, Verod-Kepple Africa Ventures, Endeavor Catalyst, and Alter Global.

Appzone provides retail and commercial banks with cloud-based software for running core operations like accounting, deposits, loans, and customer interactions in a fully digital and automated way. It also offers interbank payment infrastructure powered by blockchain and end-user payment applications.

The company generates revenue through its subscription agreements with commercial banks and microfinance banks in Africa. In 2019, it posted an 80% annual recurrring revenue.

Zone plans to use its March 2024 funding to link more banks and financial services firms, increase the domestic reach of its network, and boost its pilot program to evaluate its cross-border capabilities.

## Funding rounds

- Series A, Apr 12, 2021, $10M — CardinalStone Capital Advisers, Lateral Frontiers, V8 Ventures, Constant Ventures, Itanna
- Seed, Apr 9, 2018 — Lateral Frontiers

## Investors

- Lateral Frontiers (https://capitalatlas.ai/funds/lateral-frontiers) — Seed, Series A
- CardinalStone Capital Advisers (https://capitalatlas.ai/funds/cardinalstone-capital-advisers) — Series A
- V8 Ventures (https://capitalatlas.ai/funds/v8-ventures) — Series A
- Constant Ventures (https://capitalatlas.ai/funds/constant-ventures) — Series A
- Itanna (https://capitalatlas.ai/funds/itanna) — Series A