Pan African Fintech Startup Appzone has raised $10 million in Series A

Nigeria-based fintech startup Appzone has raised $10 million in Series A round. The startup has gotten more attention in recent times are more companies jump on the train to redefining banking solutions for consumers.

Founded by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi in 2008, Appzone – a fintech software provider – has revolutionized banking experience for customers. The company started as a software developer service provider for commercial banks, using homegrown financial technology, TechCrunch reported.

“We’re excited not only to be securing a significant capital raise but also welcoming on board some strategic investors whose support will be key to our growth journey,” said Appzone co-founder and CEO Obi Emetarom.

Over the last decade, Appzone has made huge strides on behalf of the African financial technology space. In 2012, the startup and Google for Startups Accelerator launched a banking system to develop branchless banking for Diamond (now Access) bank, which was considered rare at the time.

The Nigerian fintech startup says it will use the funds to expand its platform to other parts of Africa. The funding round was led by Lagos-based investment banking firm CardinalStone, with participation from V8 Captial, Constant Capital, Lateral Investment Partners, and Itanna Capital Ventures.

Co-founder and managing director of Cardinal Stone Capital Advisers, Yomi Jemibewon said he is sure that his firm’s investment in the startup is a testament to how Africa is gradually expanding to become a world-class technology hub in the nearest future.

“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,” Jemibewon told TechCrunch. “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.”

Appzone platforms are used by eighteen commercial banks and more than 450 microfinance banks across Africa including Access Bank, GT Bank, and Zenith Bank. Collectively, they generate a yearly transaction value and yearly loan disbursement of $2 billion and $300 million, respectively.

According to TechCrunch, Appzone claims to have accomplished many of its set goals that have boosted its reputation in fintech such as creating the world’s first decentralized payment processing network, the first cloud-based core banking and Omnichannel software, and the first multi-bank direct debit service.

Appzone CEO Emetarom said in a statement that the company is on a mission to “make out financial sector the most innovative and technologically advanced on the globe through solutions built for Africa by Africans.” He added that the company is looking to hire “from Africa’s top 1% to grow our team of elite talent who have proven themselves to be true African builders.”

Part of the company’s expansion plan includes other African countries. It currently operates in Nigeria, Ghana, Gambia, Guinea, Senegal, Tanzania, and the Democratic Republic of Congo.

For more information visit: https://www.appzonegroup.com/