Bahrain-based energy investment firm Lamar Holding has invested $1 million in Nigerian fintech TechAdvance.
The investment puts the valuation of TechAdvance – a payment application company – at $20 million.
According to Lamar Holding, the investment is a bid to broaden its portfolio into the technology industry, as well as give it a foothold on the African continent.
TechAdvance runs a network of subsidiaries, each focusing on different verticals in emerging markets, including utility bill payments, digital financial services, and transportation software.
“The payments space in emerging markets is buzzing with opportunities but faces a number of major barriers,” said TechAdvance chief executive Edmund Olotu.
“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.”
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