TechAdvance, a Nigerian payment application development company has raised $1m from Bahrain-based energy investment company Lamar Holding.
The investment will be used to support TechAdvance’s strategy to substantially expand its global expansion.
Founded in 2009 by the CEO Edmund Olotu, TechAdvance focuses on developing and deploying niche payment companies to serve the needs of large public and private sector organisations in Nigeria. It oversees various niche subsidiaries including GPay Africa, PayElectricityBills, Advance BancCorp Digital MicroFinance Bank, and others.
TechAdvance, through its subsidiaries, recently acquired a microfinance bank and obtained an approval in principle for a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria. The company also recently received approval from the Central Bank of Bahrain to operate in the country, signaling its intentions to grow beyond Nigeria and Africa.
Founder and CEO of TechAdvance, Edmund Olotu commented, ‘The payments space in emerging markets is buzzing with opportunities but faces a number of major barriers. These funds will allow us to shift our focus to these opportunities – especially the launch of our digital bank, without compromising our existing business lines.’
Lamar’s investment will support TechAdvance’s strategy to substantially expand its global expansion. The move will broaden Lamar’s successful portfolio into the technology industry, and give the company a foothold into the African continent. Lamar Holding is an established developer and long-term operator of projects across Saudi Arabia’s national energy infrastructure network.
Hani Abdulhadi, Vice President at Lamar Holding commented, ‘We are delighted to make this investment in one of Nigeria’s most exciting and innovative companies. This is an opportunity for Lamar and TechAdvance to collaborate and distribute its expansive suite of digital solutions to emerging markets in Africa and the Middle East.’
