Nigerian fintech Zone raises $8.5M seed to scale its decentralized payment infrastructure
Summary
As such, it rebranded to Zone, a licensed blockchain-enabled payment infrastructure companyand carved out its original banking-as-a-service business into a separate standalone company, Qore. Zones decentralized architecture will allow for automatic reconciliation and adjustment when discrepancies occur, leading to immediate refunds for customers without needing them to report the issue. In addition, its blockchain technology should provide transparency, allowing the terminal and the issuer complete visibility into the transaction status.Similarly, merchants experience settlement delays when they receive funds. With Zones instant settlement feature, funds are delivered to the merchants bank immediately after the transaction, addressing liquidity challenges and ensuring smoother operations.Decentralized routing improves reliability and scalability and provides automated reconciliation to solve chargeback fraud. We believe this is a fundamental leap that will allow customers to experience a completely new standard of reliability, speed, and cost efficiency at ATMs, POS machines, and online, added Ameya Upadhyay, a partner at Flourish Ventures.