Rinchi
TechInAfrica – The Nigerian fintech company, TechAdvance, has raised $1 million from Bahrain-based energy investment company, Lamar Holding. The investment will be used to boost the company’s expansion into emerging markets.
Through the investment, the company wants to support its strategy for global expansion as well as help the company to shift its business from a technology Business Process Outsourcing (BPO) provider to a player in the digital financial services and payment infrastructure space.
TechAdvance has subsidiaries that each focuses on different markets, including utility bill payments, transportation software, and digital financial services. Recently, the company through its subsidiaries has acquired a microfinance bank and obtained approval in principle for a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria. It also has received approval from the Central Bank of Bahrain to penetrate its operation in the country.
“The payments space in emerging markets is buzzing with opportunities but faces a number of major barriers, especially regarding personal finance, accessing loans, maximizing savings, and financial education for the unbanked and last-mile users. 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,” said Edmund Olotu, the Founder and CEO of TechAdvance, speaking about its plans in the coming years.
Speaking about its investment on TechAdvance, Hani Abdulhadi, the Vice President of Lamar Holding: “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. We were seed investors in one of TechAdvance portfolio companies since 2011, and it is impressive what Edmund and the team have been able to achieve since then.”
Source: techawk.com.ng
