[Bahrain, 06 August 2019] — Lamar Holding, the Bahrain-based energy investment company has today announced that it has invested USD $1M in leading Nigerian payment application development company, TechAdvance, which puts a valuation of the company at USD $20M.
TechAdvance 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. Earlier this year, the company was highlighted as one of the top companies to Inspire Africa in the London Stock Exchange Group’s Report for 2019.
Lamar’s investment will support TechAdvance’s strategy to substantially expand its global expansion, and help the company shift from being a technology Business Process Outsourcing (BPO) provider to key player in the digital financial services and payment infrastructure space. For Lamar, the investment represents an opportunity to broaden its successful portfolio into the technology industry, and give the company a foothold into the African continent.
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.
Hani Abdulhadi, Vice President at Lamar Holding commented, “We are delighted to make this investment in one of Nigeria’s most exciting and innovative companies. 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. We were seed investors in one of TechAdvance portfolio companies since 2011, and it is impressive what Edmund and the team has been able to achieve since then.”
Speaking on the raise and plans for the coming years, Founder and CEO of TechAdvance, Edmund Olotu commented, “The payments space in emerging markets is buzzing with opportunities but faces a number of major barriers, especially regarding personal finance, accessing loans, maximising savings, and financial education for the unbanked and last-mile users. 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.”
About Lamar Holding
Lamar Holding is an established developer and long-term operator of projects across Saudi Arabia’s national energy infrastructure network. Lamar Holding is a trusted partner in the Saudi energy sector by helping strategic partners establish and expand operations in the region. Through a portfolio of companies and strategic joint ventures, Lamar Holding has garnered an unrivaled record of winning and delivering contracts in the Saudi energy market.
TechAdvance is a payment application development company founded in 2009 with a strategic focus in developing and deploying niche payment companies to serve the needs of large public and private sector organisations in Nigeria. With strong commitment to building and investing in sustainable transaction technologies, TechAdvance oversees various niche subsidiaries including GPay Africa, PayElectricityBills, Advance BancCorp Digital MicroFinance Bank, and others.