This archive report was first published on 10 August 2019.
On August 8, 2019, Nigeria's payment application development firm TechAdvance secured a $1 million investment from Bahrain-based Lamar Holding, a move that values the company at $20 million.
Founded in [insert year], TechAdvance operates a network of subsidiaries that cater to different verticals in emerging markets, including utility bill payments, digital financial services, and transportation software.
Earlier this year, the company was recognized as one of the top companies to Inspire Africa in the London Stock Exchange Group's Report for 2019.
The investment from Lamar Holding will support TechAdvance's strategy to expand its global presence, while also giving the company a foothold in the African continent.
As part of its expansion plans, TechAdvance has 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.
According to Hani Abdulhadi, Vice President at 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."
Founder and CEO of TechAdvance, Edmund Olotu, added, "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."
