One year after raising a $10 million Series A to build rails for interbank transactions, Nigerian fintech startup, Appzone has rebranded to Zone, a regulated blockchain payment infrastructure company.
As part of its brand repositioning, Appzone's (now Zone) Banking-as-a-Service business has been carved into a separate standalone company, known as Qore. This will allow the company to continue serving its existing clients and growing the reach of the product.
Appzone is now pivoting from its cloud-based SaaS infrastructure to offer payments processing services that support both fiat money and digital currencies, with the intention to enable a hybrid interim period in finance where TradFi and DeFi will coexist seamlessly.
The startup’s regulated blockchain network enables direct transaction flow between financial service providers without an intermediary, bringing reduced transaction costs, instant dispute resolution, and absolute reliability across Africa’s payment borders and beyond.
Blockchain is a digital ledger of transactions that provides users with traceability and security without the need for middlemen.
Using blockchain, Zone is working on completely digitising and decentralising payments, thereby paving the way for a cashless society where payments transcend borders.