MANAMA: Bahrain-based energy investment company Lamar Holding has announced that it has invested $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. The move will broaden Lamar’s 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. The company also recently received approval from the Central Bank of Bahrain to operate in the country, signaling its intentions to grow beyond Nigeria and Africa.
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