African financial ecosystems have been increasingly embracing a blend of indigenous and international technologies to enhance their offerings. At the forefront of this innovation wave is Appzone, a local fintech powerhouse renowned for supplying banks and fintech companies with software solutions that offer competitive pricing and superior flexibility.

Over a Decade of Pioneering Financial Solutions

Founded over ten years ago and headquartered in Nigeria, Appzone has emerged as a pivotal force in the realms of banking and payments. The company specializes in the development of both custom software and Software-as-a-Service (SaaS) products, catering to an impressive roster of over 18 commercial banks and more than 450 microfinance institutions throughout Africa, with a notable presence in Ghana and Kenya.

In 2022, the founders Emeka Emetarom, Obi Emetarom, and Wale Onawunmi ventured into a bold new direction by integrating blockchain technology with traditional banking and payment systems. This strategic pivot led to the rebranding of the company to Zone, which now operates as a fully licensed, blockchain-enabled payment infrastructure firm. In parallel, the original banking-as-a-service operations were spun off into Qore, an independent entity. Zone’s latest achievement is securing $8.5 million in seed funding to fuel its growth.

Zone: Bridging the Future of Payments in Africa

Zone’s strategy is simple yet revolutionary. It seeks to address the inadequacies of Africa’s current payment infrastructure in supporting a seamless transition to a digital economy. By leveraging blockchain technology’s scalability, Zone is creating an interoperable payment platform that links banks and fintech firms, facilitating direct transaction flows without the need for intermediaries.

Subheading: A Closer Look at Zone’s Innovations and Impact

The Evolution from Appzone to Zone

• Blockchain Integration: In a strategic shift, Appzone embraced blockchain technology to enhance legacy banking and payment systems, resulting in the formation of Zone.
• Rebranding and Focus: The transition to Zone highlighted a deeper focus on blockchain technology, positioning the company as a leader in Africa’s payment infrastructure landscape.

Pioneering Africa’s Payment Infrastructure

• Regulated Blockchain Network: Zone has distinguished itself as Africa’s first regulated blockchain network dedicated to payments, attracting major banks across the continent.
• Interoperable Platform: By developing a blockchain-based payment infrastructure, Zone enables seamless transactions between banks and fintech entities, eliminating the need for traditional intermediaries.

The Technology Behind Zone’s Success

• Licensed Switching Capabilities: Zone obtained a crucial switching license from the Central Bank of Nigeria, integrating with the Nigeria Inter-Bank Settlement System for optimal interoperability and swift fund transfers.
• Direct Card Routing (DCR): This innovation allows for direct connections with card issuers, streamlining POS transactions and enhancing reliability for consumers and merchants alike.

Financial Institutions Embrace Zone

• Wide Adoption: Over 15 of Africa’s largest banks have joined Zone’s network, with seven already processing domestic transactions through various channels, including ATMs, POS, and direct debit.
• Implementation Stages: Despite the complexity of onboarding, eight banks are in the midst of integrating Zone’s solutions, underscoring the platform’s potential to revolutionize the banking sector.

• New Use Cases and Functionalities: Zone plans to expand its offerings, including POS transactions, to incorporate fintech companies and improve financial transaction efficiency across the board.
• Instant Reconciliation and Settlement: Leveraging blockchain technology, Zone aims to introduce immediate reconciliation and settlement features, addressing longstanding issues of transaction delays and chargeback fraud.

Zone’s Milestones and Financials

The narrative of Zone is not merely about technological advancement but a testament to the transformative power of innovation in reshaping the financial landscape of Africa. By facilitating a more interconnected and efficient payment ecosystem, Zone is setting new standards for speed, reliability, and cost-effectiveness in financial transactions.

• First Regulated Blockchain Network for Payments: Zone’s establishment as the first regulated blockchain network in Africa for payments marks a significant milestone, offering unprecedented security and transparency in transactions.
• Significant Bank Partnerships: The collaboration with over 15 of the continent’s largest banks, including the processing of transactions through various channels, underscores the trust and reliability vested in Zone’s platform.
• Innovative Financial Solutions: From launching new use cases to integrating large fintech companies, Zone’s continuous innovation drives forward the financial sector’s evolution in Africa.

The journey of Appzone to Zone encapsulates a broader narrative of African innovation, where local solutions are not only competing but also leading in the global tech arena. Through strategic rebranding, embracing blockchain technology, and securing a place as a regulated payment infrastructure provider, Zone is poised to revolutionize the way transactions are conducted across the continent. With its recent funding and ambitious plans for expansion, Zone stands at the forefront of Africa’s march towards a more inclusive, efficient, and digital financial future.

Kaedim, a company providing innovative tools to simplify the creation of 3D content, recently secured $15 million in Series A funding. The firm debuted a new AI-driven marketplace, boasting an initial offering of 10,000 3D assets, including contributions from users. The influx of funds will support the enhancement of Kaedim’s platform, as well as facilitate growth in its team and reach.

The investment round was spearheaded by A16z Games and saw contributions from the Pioneer Fund, alongside notable investors such as Scott Gelb (ex-President of Games at Riot Games), Nate Mitchell (co-founder of Oculus), Eden Chen (CEO of Pragma), and Siqi Chen (CEO of Runway), among others.

In its quest to empower creators in the realm of 3D asset creation, Kaedim introduced a series of innovations. These include a comprehensive suite of tools designed to complement, not replace, the work of artists. The suite encompasses a 3D workflow solution compatible with current industry standards like Unreal and Blender, a collection of intelligent enhancements for 3D modeling workflows, including automated UV mapping, and a bespoke service for creating tailored 3D assets utilizing Kaedim’s proprietary machine learning technology, among other advanced features.

Konstantina Psoma, the CEO of Kaedim, highlighted the significant advancements in 3D technology over the past five years across various sectors, such as e-commerce, gaming, 3D printing, and AR/VR. She remarked, “We are facilitating the next evolution in 3D content creation, drawing parallels to the impact of DALL-E on 2D imagery and concept art.”

Griffin Bank, a banking-as-a-service (BaaS) platform headquartered in the U.K., has recently secured a banking license, marking a significant milestone in its journey. Established by former Silicon Valley engineers, the company obtained approval from the U.K.’s financial regulators, including the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), after a year-long application process.

This achievement is noteworthy, especially in comparison to Revolut, a prominent U.K. fintech, which has struggled to obtain a banking license despite years of effort. Griffin’s swift approval contrasts with the industry norm, as only a small percentage of companies typically progress to the application submission stage within a similar timeframe.

Griffin now offers a comprehensive platform for fintech companies, enabling them to provide banking, payments, and wealth management solutions seamlessly. While it’s less inclined to offer banking services directly to consumers, Griffin targets businesses seeking embedded financial solutions such as savings, safeguarding accounts, and client money management.

Investors have shown confidence in Griffin’s potential, evident from its recent funding rounds. With a total of $52 million raised since its inception in 2017, the company secured an additional $24 million in its extended Series A round, led by prominent investors like MassMutual Ventures and NordicNinja.

Griffin’s founders, David Jarvis and Allen Rohner, bring substantial expertise to the table, with backgrounds in pioneering tech companies like Standard Treasury and CircleCI. They emphasize Griffin’s tech-centric approach, leveraging ClojureScript to build robust systems tailored to modern banking needs.

The emergence of fintech companies like Griffin signifies a shift towards “embedded finance,” where financial products seamlessly integrate into non-financial services, enhancing customer value and generating new revenue streams. This trend aligns with the growing banking-as-a-service sector, projected to reach $66 billion in value by 2030, with companies like Treasury Prime and Synctera securing significant investments.

Jarvis underscores Griffin’s differentiation from traditional banking and non-regulated financial services, emphasizing the importance of its banking license in providing tangible benefits to customers, such as earning interest on funds. The company aims to capitalize on opportunities across various sectors, targeting businesses mandated to hold funds in designated accounts, including accountants, solicitors, and property management firms.

Overall, Griffin’s focus remains on capturing market share and delivering value through its tech-driven banking-as-a-service platform, positioning itself as a key player in the evolving landscape of embedded finance.

In the dynamic domain of cryptocurrency, a visionary group of pioneers recognizes the transformative potential of blockchain technology to decentralize various facets of human life, aiming for a broader societal benefit. Daniel Wang, the founder of Taiko, stands out in this group with his company’s commitment to crafting web3 infrastructure that champions a censorship-resistant internet.

Wang’s journey into decentralization began with an ambition to revolutionize social media through blockchain. At an Ethereum developer conference last November, he shared his vision for a future where blockchain’s inherent features, such as distributed data storage and community-driven content moderation, empower users to freely express themselves online without the fear of censorship. “I hope the next generation can grow up being free and able to say anything on the internet,” Wang stated, underscoring the importance of freedom of expression for societal progress.

His initial plan was to develop a decentralized app (dApp) on Ethereum, a leading blockchain platform co-founded by Vitalik Buterin, known for its smart contracts that automate the execution of agreements. However, Wang soon recognized the challenges posed by Ethereum’s scalability and the centralization tendencies of its “Layer 2” solutions. Despite these solutions, such as “rollups,” aiming to enhance transaction capacity by processing them on secondary chains, Wang observed a compromise on decentralization, a core principle of web3 ethos.

Driven by the realization of these limitations, Wang founded Taiko in March 2022, dedicating the company to the development of truly decentralized social platforms. Over the past two years, Taiko has capitalized on the growing interest in rollups within the web3 space, successfully raising US$37 million through three funding rounds. The latest Series A funding round, amounting to US$15 million, attracted investments from notable entities like Lightspeed Faction, Hashed, and Generative Ventures, propelling Taiko to unicorn status.

Taiko’s mission extends beyond funding successes. With a recent announcement of US$30 million in developer grants and the launch of its latest testnet attracting significant participation, the company is steadfast in its goal to facilitate a decentralized, user-owned social network. Wang draws parallels between Taiko and Ethereum’s decentralized ethos, aspiring for Taiko to serve as a public good in the digital realm.

Despite the enthusiasm, Wang is mindful of the challenges ahead, particularly in ensuring content quality and safety on decentralized networks. He proposes the concept of a “relayer” to mediate content according to each network’s unique standards while also highlighting the importance of token incentives to encourage quality content creation in a landscape where traditional ownership structures do not apply.

As Taiko navigates the complexities of web3 development, Wang remains optimistic about the future of decentralized social platforms, believing that the journey towards crypto’s mass adoption is paved with incremental technological advancements.