TechAdvance, a Nigeria-based payment application development firm,has raised $1 million in funding. The fintech company secured the funds from the Bahrain-based energy investment firm, Lamar Holding. This recent funding values the company at $20 Million.
The company will leverage the funds to facilitate its cross-border expansion globally. The move for expansion by TechAdvance will grow Lamar’s portfolio in the tech ecosystem, whilst placing them strategically in Africa.
TechAdvance’s numerous subsidiaries major on different sectors of the emerging markets like utility bill payments, digital financial services, and transportation software. The company was recognised as one of the top companies to Inspire Africa in the London Stock Exchange Group’s Report, earlier in 2019.
According to the Founder and CEO of TechAdvance, Edmund Olotu, the secured funds will grant them the opportunity to adjust their focus on ready opportunities in all emerging global markets.
In his words; “the payments space in emerging markets is buzzing with opportunities but faces several major barriers. This fund will allow us to shift our focus to these opportunities – especially the launch of our digital bank, without compromising our existing business lines.”
Hani Abdulhadi, Vice President at Lamar Holding said they are excited to invest in TechAdvance. He sighted that this will be an opportunity for Lamar and TechAdvance to partner and disrupt emerging markets in Africa and the Middle East with its digital solutions.
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