Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, Appzone, has announced that it has raised the sum of $10M in a recent Series A funding round.
The funding, which was led by CardinalStone Capital Advisers with participation from V8 Capital, saw several other investors including Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures, invest in the startup.
This new round of funding is expected to bolster investment in Appzone’s core technologies and kick off its plan for countrywide expansion.
Speaking on the fundraise, Appzone’s Co-Founder and CEO, Obi Emetarom says: “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.
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 complex infrastructure to power the continent’s growing digital financial services space and forging partnerships with the continent’s biggest financial institutions.
In terms of the next steps, we are now looking to hire from Africa’s top 1% to grow our team of elite talent who have proven themselves to be true African builders; 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.
We are not just trying to bring African fintech on-par with the rest of the world – we exist to make our financial sector the most innovative and technologically advanced on the globe through solutions built for Africa by Africans.”
The startup which was launched in 2008, prides itself on delivering the best-in-class products for digital core banking and interbank transaction processing with clients across seven African countries including high-profile names like Access Bank, GT Bank and Zenith Bank.
According to a statement from the company, its platform serves 18 commercial banks and over 450 microfinance banks and has amassed a yearly transaction value and yearly loan disbursement of $2bn and $300mn respectively.