Nigerian-based payment application development company TechAdvance, with subsidiaries such as Gpay Africa, PayElectricBills and Advance Bank, recently received a $1 million investment from Bahrain-based group, Lamar Holding.
The Nigerian company is focused on developing and deploying niche payment technologies in emerging markets. This recent investment by Lamar Holding’s so far puts TechAdvance’s valuation to $20M.
Concerning the relevance of the investment to the expansion of TechAdvance’s business operations, Edmund Olotu founder and CEO of the Nigerian technology company stated that:
“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 Holding has established its reputation as long-term projects’ operator focused on Saudi Arabia’s national energy infrastructure framework.
They invest in a portfolio of companies and strategic joint ventures to deliver world-class work.
TechAdvance is reputed as one of the top companies in the London Stock Exchange Group’s Companies to Inspire Africa 2019 Report.
Lamar Holding’s investment will allow the TechAdvance to substantially expand its global operations. This would ensure that the technology company becomes a key player in the digital financial services and payment infrastructure space.
In turn, Lamar Holding would gain a foothold on the African continent, extending its portfolio beyond the Middle East.
This is indeed a fair trade for a million dollars.
Image source: London Stock Exchange Group (LSEG)
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New Report: Nigerian startups raised $24.7 million in Q2 2019, 40% higher than Q1. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.
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