Lamar Holding invests $1 million in Nigeria's TechAdvance

Image courtesy of TechAdvance

Source: VentureBurn

Lagos-based payments infrastructure firm TechAdvance has secured $1-million in funding from Bahrain’s Lamar Holding.

TechAdvance was founded in 2009 by CEO Edmund Olotu (pictured above) and develops payments applications.

Olotu hit Ventureburn headlines earlier this year when he accused Polish entrepreneur Marek Zmyslowski of defrauding Nigerian investors and provided details thereof in a blog postat the time.

It comes as last month Håvar Bauck, the Norwegian entrepreneur who hit the news earlier this year over his dealings with Zmyslowski announced that his Kenyan travel tech startup HotelOnline had raised $320 000.

Although technically not a startup anymore, TechAdvance has six platforms offering solutions in the payments space, namely: Transfer2Africa, GPay, PayElectricity Bill, Bus.com.ng, Pay.me, and Bill.com.ng.

The firm said in a statement on Friday (9 August) that it will use the funding — its first external investment — to support its emerging market expansion.

It is not clear which countries TechAdvance is looking to expand to, it is likely these include markets in the Middle East.

The company said it has received an approval for a payment solution service provider (PSSP) license from the Central Bank of Bahrain.

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