Participated · Series A · Apr 2021

Appzone develops proprietary banking and payments software, including core banking, interbank processing and end-user fintech layers. Its platforms power 18 commercial banks and more than 450 microfinance banks, processing about $2 billion in annual transactions and $300 million in yearly loan disbursements. The company claims several continental firsts, such as a decentralized payment processing network, cloud core banking and a multi-bank direct debit service. Appzone began as a services firm and progressively launched branchless banking, mobile/internet banking, instant card issuance, lending automation and blockchain switching products. Going forward it plans to aggressively scale pan-African expansion, deepen its presence in several West and Central African markets, and grow its engineering team (engineers are half of its 150 employees). The firm emphasizes building and training local senior and junior talent to sustain its proprietary-technology advantage and reduce costs for clients.