Nigeria’s Edmund Olotu has just raised a total of One Million USD from Lamar Holdings from Bahrain.
The startup was founded in 2009, to create payment applications. The brand had been working under the radar until the CEO called Polish entrepreneur Marek Zmyslowski of defrauding Nigerian investors, which he provided details thereof in a blog post on Ventureburn.
TechAdvance, might technically not fit to be called a Startup anymore as it has over the years created multiple streams of incomes for the brand, which has included solutions in the payments space, namely: Transfer2Africa, GPay, PayElectricity Bill, Bus.com.ng, Pay.me, and Bill.com.ng.
At the moment, it is not clear, what expansion plans the firm has in stock at the moment, but with the establishment of six payment setups already the company has greater plans that have not been disclosed yet but looks like the company would be headed into the Middle Eastern Market with the fund.
Although, TechAdvance has pointed out in a statement that it is shifting from being a technology-business process outsourcing (BPO) provider to a “key player” in the digital financial services and transportation software.
Also, through one of its wings, it appears that the business has plans to expand into the Nigerian Microfinance space by obtaining a PSSP license from Apex Bank of Nigeria.
In line with this view, Olotu noted that:
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
Earlier, the company like Jumia had been listed on the London Stock Exchange, Olutu had taken to Twitter to announce the development.
We wish the company well in its future endeavors.