TechAdvance, a Lagos-based payment infrastructure firm has secured funding from Bahrain's energy investment company, Lamar Holding.
TechAdvance develops payments applications and the $1-million funding will be used to support its expansion into emerging markets, the company said in a statement.
The company started in 2009 by its CEO Edmund Olotu, 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.
Lamar’s investment is expected to support TechAdvance’s global expansion plans. It will broaden Lamar’s portfolio into the technology industry, and give the company a foothold into the African continent, a statement from the investment firm said.
“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,” Olotu said in a statement.
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, the statement said.
(Reporting by Seban Scaria, editing by Mily Chakrabarty)
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