TechAdvance bags $1mn from Bahrain Investment Company
Techadvance: Nigerian payment application development company TechAdvance has bags funding of $1 million from a Bahrain-based energy investment company Lamar Holding.
The capital injection has escalated the company’s valuation to $20 million, as stated in a statement. With the additional funds, the developer is eyeing global expansion.
Edmund Olotu, Founder and Chief Executive Officer of TechAdvance Limited said, “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.”
The move is also expected to benefit Lamar, by providing the company with a foothold into the African continent thereby paving way for more opportunities.
“…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,” Hani Abdulhadi, Vice President, Lamar Holding commented.
TechAdvance through its subsidiaries focuses on different verticals including utility bill payments, digital financial services, and transportation software, particularly in emerging markets.
The Nigerian firm recently acquired a microfinance bank and obtained approval for a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria.
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The company has also received another approval from the Central Bank of Bahrain to operate in the country.
TechAdvance bags $1mn from Bahrain Investment Company
