Appzone, the Pan-African fintech software provider, has announced the close of its $10 million Series A round.
The investment was led by CardinalStone Capital Advisers with participation from V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures, a statement from the company on Monday stated.
The fintech firm said the new round would be invested in its core technologies and allow it to expand and build a financial operating system for the delivery of financial services on the continent.
Since its inception, the company, also an alumnus of the Google launchpad accelerator, has led Africa’s fintech sector through radical innovation that resulted in a number of global firsts from the continent, including the world’s first decentralised payment processing network, the first core banking and omni-channel software on the cloud and the first multi-bank direct debit service based on single global mandates.
Speaking on the fundraise, Appzone’s Co-Founder and Chief Executive Officer, Obi Emetarom, said, “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 really complex infrastructure to power the continent’s growing digital financial services space and forging partnerships with the continent’s biggest financial institutions.”
Emetarom said the company is seeking to hire gifted and audacious engineering and entrepreneurial minds, hungry to accelerate economic prosperity and tackle challenging technology.
The Co-Founder and Managing Director of Cardinal Stone Capital Advisers, Yomi Jemibewon, said, “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.”
Appzone said its platforms have served 18 commercial banks and over 450 microfinance banks, amassing a yearly transaction value and yearly loan disbursement of $2 billion and $300 million, respectively.