Appzone Group
Appzone Group is a Nigerian fintech providing cloud-based core banking software, card and lending automation, agent-banking POS, and a blockchain interbank payment network, now operating as Zone (payment infrastructure) and Qore (digital bank operating system) for African banks.
- Company typePrivate
- Founded2008
- HeadquartersLagos, Nigeria
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Appzone Group does
Appzone Group is a Nigerian financial technology company founded in 2008 and headquartered in Lagos, operating across payments infrastructure and banking software. Its original product suite included Appzone Core (cloud-based core banking software for retail and commercial banks covering accounting, deposits, loans, and customer interactions), Appzone Cards (card operations digitization), Appzone Lend (lending value chain automation from origination to repayment), Appzone POS (agent-banking point-of-sale technology reaching unbanked individuals in locations without bank branches), and Appzone Switch (a decentralized interbank payment network powered by blockchain). In November 2022 the group rebranded to Zone and carved out its original banking software business into a separate standalone company called Qore. Zone is now positioned as a regulated blockchain network enabling payments and acceptance of digital currencies, while Qore provides the operating system that powers fully digital and automated banks.
The company generates revenue primarily through subscription-based licensing of its banking software to financial institutions, supplemented by transaction-based fees on POS services and, post-rebrand, blockchain payment infrastructure. Its customer base is composed of retail and commercial banks in Nigeria served via direct enterprise sales, alongside agent networks distributing financial services to underbanked individuals. Appzone maintains PCI-DSS compliance and operates under Nigerian regulatory frameworks including Central Bank of Nigeria oversight.
The company has raised approximately $10.5 million in equity across disclosed rounds, most notably a $10 million Series A in April 2021 led by CardinalStone Capital Advisers. Earlier funding includes a $500,000 seed round in 2020 from Constant Capital and Lateral Frontiers, plus non-dilutive participation in the Google Launchpad Accelerator in 2018. Leadership is held by CEO Obi Emetarom and co-founder Emeka Emetarom. The company employs between 101 and 250 staff and has stated ambitions to extend its payment infrastructure across the broader African market.
Appzone Group firmographics
Firmographics- Name
- Appzone Group
- Legal name
- Appzone Group
- Website
- https://appzonegroup.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Appzone Group is a Nigerian fintech providing cloud-based core banking software, card and lending automation, agent-banking POS, and a blockchain interbank payment network, now operating as Zone (payment infrastructure) and Qore (digital bank operating system) for African banks.
- Ownership category
- akta.pro rank
Appzone Group industry classification
Industry- Product category
- Banking Software & Payment Infrastructure
- NAICS
- Activities Related to Credit Intermediation (5223)
- SIC
- Functions Related To Depository Banking, Nec (6099), Finance Services (6199)
- akta.pro primary industry
- Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts) (FSAGAAAC)
- akta.pro secondary industries
- BaaS Platforms & Sponsor Bank Enablement (FSAGALAA), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB)
Keywords
Where Appzone Group is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Appzone Group business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales
Revenue model
- Banking Software Licensing: Licensing of cloud-based banking software (Appzone Core) to retail and commercial banks for running core operations including accounting, deposits, loans, and customer interactions.
- Card Operations Services: Digitization and automation services for card operations across banks.
- Lending Platform Services: Automation of the entire lending value chain from origination to disbursement and repayment collection.
- POS Transaction Services: Point of Sale technology enabling agents to deliver financial services, likely generating transaction-based revenue.
- Blockchain Payment Infrastructure: Zone provides blockchain-enabled payment infrastructure and digital currency acceptance as a regulated network.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
Appzone Group product offering
Product offeringCore offering
Appzone Group provides cloud-based banking software and payment infrastructure for retail and commercial banks across Africa. Its product suite covers core banking operations, card management, lending automation, agent banking POS, and a blockchain-powered interbank payment switch, enabling financial institutions to run fully digital and automated operations.
Product overview
Appzone Group has evolved into a payment infrastructure company, consisting of two main sub-brands: Zone (a blockchain-enabled payment infrastructure company) and Qore (technology OS for digital banks). The original Appzone product suite (Appzone Core, Appzone Cards, Appzone Lend, Appzone POS, and Appzone Switch) continues to serve retail and commercial banks with cloud-based software for core banking operations, card management, lending automation, POS/agent banking, and blockchain-powered interbank payments.
Differentiator
Problem solved
Functional benefit
Brands
- Zone: A blockchain enabled payment infrastructure company that enables payments and acceptance of digital currencies.
- Appzone Core
- Appzone Cards
- Appzone Lend
- Appzone POS
- Appzone Switch
Products and services
- Appzone Core Cloud-based software providing retail and commercial banks with capabilities for running core operations including accounting, deposits, loans, and customer interactions in a fully digital and automated way.
- Appzone Cards Technology that digitizes and automates card operations across banks to reduce cost while delivering speed and convenience to account holders.
- Appzone Lend Automates the entire lending value chain from origination to disbursement and repayment collection for banks and lenders.
- Appzone POS Point of Sale technology that allows agents of banks to deliver financial services to underbanked individuals in locations where there are no bank branches.
- Appzone Switch Decentralised interbank payment network powered by blockchain designed to become the payment infrastructure for Africa's cashless future.
- Zone A regulated blockchain network that enables payments and acceptance of digital currencies, providing blockchain-enabled payment infrastructure for financial institutions and digital currency participants.
Companies that use Appzone Group
Customer profileSegments3 records
Ideal customer profiles2 records
Appzone Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Appzone Group partnerships and signals
Strategic signalScale indicators1 record
Recent moves7 records
Expansion highlights5 records
Appzone Group competitors and assessment
Company assessmentDirect peers
- Interswitch: Lagos-headquartered African payments and digital commerce infrastructure provider offering card processing, switching, and banking technology. Directly comparable to Appzone given overlapping Nigerian bank customer base and shared focus on payment rails and card operations.
- Currencycloud: Cross-border payments and FX infrastructure platform serving banks and fintechs via APIs. Comparable to Appzone Switch/Zone for interbank-style payment routing infrastructure and to the broader embedded finance SaaS model of the company.
- Flutterwave: Pan-African payments infrastructure company providing APIs and switching for banks and merchants across multiple African countries. Comparable to Appzone Switch/Zone for interbank and merchant payment processing and to Appzone's enterprise SaaS distribution model.
- Moniepoint: Nigerian agent-banking and POS platform serving banks and underbanked end users. Directly comparable to Appzone POS given the shared business model of empowering bank agents to deliver financial services in unbanked locations across Nigeria.
- Marqeta: Modern card issuing and processing platform sold to fintechs and banks as a cloud API. Directly comparable to Appzone Cards for digital card issuance and transaction processing modernization at incumbent and challenger banks.
- Banking Circle: Payments bank providing interbank settlement, accounts, and payment infrastructure for financial institutions. Comparable to Appzone Switch/Zone given the shared vision of providing B2B payment infrastructure designed for modern, cross-border, real-time bank transactions.
Broad incumbents
- Finastra: Large global financial software vendor offering core banking, lending, payments, and digital channel solutions. Comparable to the combined Appzone Core, Lend, Cards, and Switch portfolio as a full-stack alternative for retail and commercial banks, including in Africa.
- Temenos: Established Swiss core banking software vendor serving banks worldwide, including African institutions. Comparable to Appzone Core as a legacy-and-cloud core banking alternative, with Temenos being the entrenched incumbent that Appzone competes against for new logo wins.
- Mambu: Global cloud-native core banking and lending platform sold to banks, lenders, and fintechs via SaaS. Comparable to Appzone Core and Appzone Lend as a competing SaaS core-banking solution, though Mambu operates at global scale versus Appzone's regional focus.
- Block (formerly Square): Diversified payments and fintech infrastructure company with merchant POS, banking-as-a-service, and blockchain (TBD) initiatives. Comparable to Appzone at the portfolio level across POS, banking software, and blockchain payment rails, though at materially larger scale.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Appzone Group social profiles
Digital presenceAppzone Group compliance and trust
Trust signalCompliance1 record
Appzone Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Appzone Group leadership team
Management profileNumber of profiles
Profiles2 records
Appzone Group subsidiaries and ownership
Company hierarchySubsidiaries2 records
Appzone Group funding detail
Funding detailFunding overview
Funding rounds5 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Appzone Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Appzone Group
What does Appzone Group do?
Appzone Group provides cloud-based banking software and payment infrastructure for retail and commercial banks across Africa. Its product suite covers core banking operations, card management, lending automation, agent banking POS, and a blockchain-powered interbank payment switch, enabling financial institutions to run fully digital and automated operations.
Is Appzone Group a public or private company?
Appzone Group is a private company. It is classified as venture growth investor backed and is currently operating.
When was Appzone Group founded?
Appzone Group was founded in 2008. It employs 101 to 250 people.
Where is Appzone Group based?
Appzone Group is headquartered in Lagos, Nigeria, in the Africa region.
How does Appzone Group make money?
Five revenue lines are on record. Banking Software Licensing is the primary driver. The others are card Operations Services, lending Platform Services, POS Transaction Services and blockchain Payment Infrastructure.
Who are Appzone Group's main competitors?
Direct peers on record are Interswitch, Currencycloud, Flutterwave, Moniepoint, Marqeta and Banking Circle. Broad incumbents are Finastra, Temenos, Mambu and Block (formerly Square).
Does Appzone Group have an API?
No public API is recorded for Appzone Group.
What industry is Appzone Group in?
Appzone Group's product category is Banking Software & Payment Infrastructure. Its primary akta.pro industry code is FSAGAAAC, Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts), with a secondary code of FSAGALAA, BaaS Platforms & Sponsor Bank Enablement. Its NAICS code is 5223 and its SIC code is 6099.