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Nigerian app developer TechAdvance bags $ 1mn from Bahraini investment company

Hani Abdulhadi, Vice President, Lamar Holding

Nigerian payment application development company TechAdvance has received a funding of $ 1million from a Bahrain-based energy investment company Lamar Holding.

The capital injection has escalated the company’s valuation to $ 20mn, as it stated in a statement. With the additional funds, the developer is eyeing global expansion.

Edmund Olotu, Founder and CEO of TechAdvance commented, “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 move is also expected to benefit Lamar by providing the company a foothold into the African continent thereby paving way for more opportunities.

“…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,” Hani Abdulhadi, Vice President, Lamar Holding commented.

TechAdvance through its subsidiaries focuses on different verticals including utility bill payments, digital financial services, and transportation software, particularly in emerging markets.

The Nigerian firm recently acquired a microfinance bank and obtained approval for a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria.

Earlier this year, ‘First Lamar’, a subsidiary of Lamar Holding, had submitted an application to the Central Bank of Bahrain for participation in the Regulatory Sandbox, which was approved on July 2nd, granting the subsidiary authority to test out its solution in the Regulatory Sandbox.

Disclaimer: The article has been modified as per changes requested by Lamar Holding to rectify a factual error made in the press release issued by the company stating “TechAdvance had recently received regulatory approval from the Central Bank of Bahrain (CBB) to operate in the Kingdom”.

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