Bahrain-based energy investment company Lamar Holding has announced that it has invested $1m in leading Nigerian payment application development company, TechAdvance, which puts a valuation of the company at USD $20M.
TechAdvance runs a network of subsidiaries, each of which focuses on different verticals in emerging markets including utility bill payments, digital financial services, and transportation software. Earlier this year, the company was highlighted as one of the top companies to Inspire Africa in the London Stock Exchange Group’s Report for 2019.
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.
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.
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.”
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.”
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