Nigeria: Bahrain-based Lamar Holding to inject investment into Fintech startup TechAdvance

Woman holding mobile phone and using laptop
Woman holding mobile phone and using laptop

Bahrain-based energy investment Lamar Holding will invest $1 million into TechAdvance, one of Nigeria’s Fintech startups.

The investment will help TechAdvance carry out its expansion program across emerging markets, Zawya media reports citing a statement of the Nigeria firm.

Created in 2009, TechAdvance develops payments applications and transformation softwares.

“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,” the firm CEO, Edmund Olotu said in the statement.

Lamar Holding hopes through the operation to make a foray into Africa and broaden its portfolio into the technology industry.

About Khalid Al Mouahidi 3854 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network