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Nigeria Fintech Company, Appzone, Raised $10 Million Seed Funding To Uphold The Financial Sector In Africa

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The fintech software provider in Pan-Africa recently raised a seed funding of $10 Million in a Series A round.

Leading the seed fund is Cardinal Stone with participation from V8 capital, Lateral investment partners, constant capital and Itanna capital ventures.

The Nigeria company said the funding would help support its core technologies and was to wave to digitise and automate the delivery of financial services in Africa.

Appzone launched in 2008 was founded by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi.

The software provider company was designed to proffer solutions for the banking and payment system in Africa.

Also, it delivers the best financial and digital products for banking and inter-bank transaction processing for seven clients in Africa.

They include Nigeria, Ghana, Gambia, Democratic Republic of Congo, Tanzania, Senegal and Guinea. Also, its clients include renowned banks like GT Bank, Access Bank, and Zenith Bank.

Major milestones of the company

Since its birth, it has lead the Africa fintech sector through innovation that has positioned the continents for many outstanding wins. Examples are built the first decentralized payment system in the world; the first core banking and omnichannel software on the cloud; and built the first multi-bank direct debit service based on single global mandates.

The now alumnus of Google Launchpad accelerator has served a total of 18 commercial banks, 450 micro-finance banks. And it has a yearly transactional value of $2 billion and a yearly loan disbursement of $300 million.

Also, the bank has issued 18 million cards via its platform; it is currently managing $200 million in deposit and has hosted 10 million accounts since its establishment.

ALSO READ: Curacel Raises $450k Pre-Seed Funding, Plans Continental Expansion

What does its Product do?

Africa financial platforms (fintech and traditional banks) struggle with threats from telco and big tech companies; which has caused a strain in its system flow.

However, Appzone hopes to offer products that would help them effectively and adequately deal with the struggles and operational inefficiency.

Comments from the fundraise

Obi Emetarom, one of the founders of Appzone expressed his excitement at the funds and raised. He doubles his excitement by welcoming the investors who had contributed greatly to the company.

“Today’s news allows us to scale Appzone’s products and services rapidly. For the last 12 years, we’ve worked in stealth mode, building the really complex infrastructure to power the continent’s growing digital financial services space and forging partnerships with the continent’s biggest financial institutions.”, he adds.

He also announced that the company is ready to take on more of Africa; and it is planning on hiring the top 1% experts from Africa to grow its team. The Series A funding expects to hold up on the financial system of Africa.

“the brightest senior software engineers and domain experts, doing the incredibly hard work of building the backbone and next-generation infrastructure for digital financial services at a level beyond world-class.

We are seeking out gifted and audacious engineering and entrepreneurial minds hungry to accelerate economic prosperity and tackle challenging technology with us.” he included.

Also commenting on the seed fund is Yomi Jemibewon, Co-Founder and Managing Director of Cardinal Stone Capital Advisers.

“Our investment in Appzone is further proof of Africa’s potential as the future hub of world-class technology. Appzone is building a disruptive FinTech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure and Software as a Service.

The impact of Appzone’s work is multifold – the company’s products deepen financial inclusion across the continent whilst providing best-fit and low-cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best in class employment opportunities.”, Yomi said.

 

 

 

 

Agbaje Naomi is a writer at Techuncode. At first, she wasn't so keen on tech. But over the past month, working with Techuncode has opened her to a whole new level of tech-smart. Naomi believes that writing is where you pour those raging thoughts about a subject. If Naomi is not writing she is probably watching a movie or looking for something productive to do.

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