The African fintech space has recorded a commendable growth in the past decades and has drawn global attention to itself, benefitting from series of investments and funding.
There is much more to look forward to as another African fintech AppZone announces that it has sealed a $10mn ‘Series A’ Funding for its expansion.
AppZone Group is Africa’s leading FinTech company, automating financial services on the continent. With a team of over 170 professionals and clients in seven countries, Appzone is Africa’s leading FinTech disruptor and provider of home-grown software solutions for the continent’s Financial Services industry. Founded in 2008, they process over $2 billion in transactions annually serving 18 commercial banks and over 450 microfinance institutions across the continent. Their platforms issue 1.5 million cards and disburse over $300 million in loans monthly, while also managing $200 million in deposits, 10 million accounts and 100,000 transactions daily.
AppZone prides itself in being the first at a few global feats and achievements including:
- Cloud-based core banking and digital channel software
- Global mandate platform for direct debit
- Decentralised Interbank transaction processing on blockchain
CardinalStone Capital Advisers, a Lagos-based investment firm, led the Series A investment. Other investors include V8 Capital, Constant Capital, Itanna Capital Ventures , Lateral Investment Partners also participated.
Here’s what AppZone has to say about the fundraise:
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.
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.
There is so much happening in the African fintech space. Stay with us here for more updates https://techkudi.com