Nigerian payment app company TechAdvance recently received a $1 million investment from Saudi based Lamar Holdings.
The Nigerian tech company is known for its branded financial services. These services – G-Pay Africa, Ace Remmittance, Data Analytics and Transfer2Africa – are run as subsidiaries. They include an electricity bill payment platform and a ticket booking portal.
According to the CEO and founder, Edmund Olotu, the company is getting set to launch a digital bank. And this investment by Lamar Holdings could not have come at a better time.
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. —–Edmund Olotu
This investment is not all that TechAdvance stands to gain from its relationship with Lamar Holdings. TechAdvance’s operations in the energy sector could benefit greatly from the influence the Saudi company wields.
At the moment, TechAdvance’s Gpay helps electricity utility companies in Nigeria manage their data. Lamar Holdings on its part has a record of winning and delivering on contracts in the energy sector. And so, the Nigerian payment development company could not have picked a better investment partner.
Lamar Holdings says here that it helps its partners establish and expand their operations. With a track record of world class projects executed with partners like Arkad, Sinohydro and Atkins among others, it is only to be expected that the Saudi company will continue its modus operandi with TechAdvance.
Lamar Holdings had earlier indicated that it had plans to expand but stated that its interests were in opportunities within the rapidly growing energy sector of Saudi Arabia. With its investment move on TechAdvance, the Saudi company seems to have developed an interest in Africa’s booming financial sector.