Pan-African fintech Appzone raises $10mn to fund expansion

Pan-African fintech software provider, Appzone, has successfully concluded a $10 million Series A funding round led by Cardinal Stone Capital Advisers. The CEO and co-founder, Obi Emetarom, expressed his excitement about the fundraising, highlighting the company's focus on scaling their products and services rapidly. This significant investment will enable Appzone to enhance its digital infrastructure for banking and payments, as well as expand its operations across multiple African countries. Emetarom emphasized that the primary goal of the fundraise is to bolster their engineering team and capitalize on the extensive growth opportunities present in various African markets. With a strong emphasis on innovation and proprietary technology, Appzone aims to position itself as a leading player in the fintech industry, showcasing the world-class engineering talent found within the continent. Founded in 2008, Appzone has been operating in stealth mode, providing essential digital infrastructure to support banking operations and facilitate seamless payment processing. The company's suite of services includes banking software for financial institutions, a payment infrastructure for interoperability among institutions, and payment applications tailored for end-users, including individuals and businesses. Looking ahead, Appzone is determined to expand its reach and become a pan-African powerhouse in the fintech sector. Emetarom outlined ambitious plans to hire the top 1% of tech talent from Africa, recognizing the importance of recruiting skilled professionals to drive innovation and maintain high standards of quality. By prioritizing talent acquisition and skill development, Appzone aims to overcome the challenges associated with technical expertise and elevate the fintech landscape in the continent. In discussing the pool of talent available in Africa, Emetarom highlighted the abundance of raw talent and enthusiasm among young African tech enthusiasts. While expertise may be lacking in certain areas, Appzone is dedicated to identifying and nurturing the most promising individuals who demonstrate the potential to contribute significantly to the company's vision for transforming the fintech industry across Africa. The successful completion of the Series A funding round signals a new chapter for Appzone as it embarks on an exciting journey of growth and expansion. With a strong focus on innovation, talent development, and market expansion, Appzone is poised to make a significant impact in the African fintech ecosystem and establish itself as a key player in driving financial inclusion and digital transformation on the continent.