Nigerian-based payment application development company TechAdvance, with subsidiaries such as Gpay Africa, PayElectricBills and Advance Bank, recently received a $1 million investment from Bahrain-based group, Lamar Holding.

The Nigerian company is focused on developing and deploying niche payment technologies in emerging markets. This recent investment by Lamar Holding’s so far put TechAdvance’s valuation to $20M.

Concerning the relevance of the investment to the expansion of TechAdvance’s business operations, Edmund Olotu founder and CEO of the Nigerian technology company stated that:

“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.”

Lamar Holding has established its reputation as a long-term projects’ operator focused on Saudi Arabia’s national energy infrastructure framework.

They invest in a portfolio of companies and strategic joint ventures to deliver world-class work.