Bahrain-based energy investment company Lamar Holding has reported that it has invested $1m in leading Nigerian payment application development company, Tech Advance, which puts a valuation of the company at USD $20M.
Tech Advance 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 featured as one of the top companies to Inspire Africa in the London Stock Exchange Group’s Report for 2019.
Lamar’s investment will support Tech Advance’s procedure to significantly expand its worldwide expansion. The move will expand Lamar’s successful portfolio into the technology industry, and give the company a foothold into the African continent.
Tech Advance, 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 remarked, “We are charmed to make this investment in one of Nigeria’s most exciting and creative companies. This is an opportunity for Lamar and Tech Advance to collaborate and distribute its expansive suite of digital solutions to emerging markets in Africa and the Middle East.”
Founder and CEO of Tech Advance, Edmund Olotu remarked, “The payments space in emerging markets is buzzing with opportunities but faces a number of major barriers. These funds will enable us to move our focus to these opportunities - particularly the launch of our digital bank, without compromising our current business lines.”