TechAdvance, a payments application development company founded in 2009 with a strategic focus in developing and deploying niche payment companies to serve the needs of large public and private sector organisations in Nigeria, has announced that it has secured $1 million in funding from Lamar Holding. The Nigerian company has said that it will be using the funds to support its emerging markets expansion as it begins a shift from being a technology Business Process Outsourcing (BPO) provider to a key player in the digital financial services and payment infrastructure space.
Earlier during January 2019, TechAdvance was recognized by the London Stock Exchange Group as one of the 'Companies to Inspire Africa 2019'.
“The payments space in emerging markets abound with opportunities yet faces a lot of challenges, especially regarding personal finance, accessing loans, maximising 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, Founder and CEO of TechAdvance.
The fresh infusion of capital is reported to be the first external investment that TechAdvance has received since its bootstrapped launch in 2009. The company runs a network of subsidiaries, each of which focuses on different verticals in emerging markets such as utility bill payments, digital financial services, and transportation software.
TechAdvance, 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. TechAdvance also received same approval from the Central Bank of Bahrain signaling intentions to grow beyond Nigeria and Africa.
“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 has been able to achieve since then," said Hani Abdulhadi, Vice President at Lamar Holding.Share this via: