Based in Lagos, Appzone, a Pan-African fintech software provider that creates proprietary solutions for Africa’s banking and payments industry, has secured $10-million in a Series A round of funding led by CardinalStone Capital Advisors with participation from V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures.
The funding will be used towards Appzone’s core technologies and the expansion of the platform to promote the digitization and automation of the delivery of financial services in Africa.
Appzone is currently serving 18 commercial banks and over 450 microfinance banks and amassing a yearly transaction value and yearly loan disbursement of $2-billion and $300-million.
The products designed by Appzone assist African banks in addressing several challenges such as legacy cost structures and lack of operational efficiency. As there is a lack of African-based solutions, Appzone has created a solution catering to African banks, mitigating the blocks existing with African banks opting for foreign technology solutions.
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