February 04, (THEWILL) — A Tony Elumelu-backed Nigerian fintech startup, Redtech Ltd., is considering raising up to $100 million in fresh capital to accelerate its expansion across Africa, according to media reports.
The Lagos-based payments and agency-banking company, plans to use the potential Series A funding round to deepen market penetration, enhance its technology infrastructure and support regulatory compliance across multiple jurisdictions as it scales beyond Nigeria.
Chief Executive, Emmanuel Ojo, told Bloomberg that the business has “reached a more mature stage”, and needs additional equity to support expansion and introduce new products in targeted African markets.
Redtech’s growth ambitions are backed by rapid transaction expansion. The company expects annual transaction volumes on its platform to rise to about 100 billion transactions up from 25 billion last year, while the value processed could grow toward ₦100 trillion, from about ₦30 trillion in 2025.
The startup has already deployed more than 30,000 point-of-sale (POS) devices nationwide and launched a payment gateway that supports high-volume, scalable digital payments.
Redtech aims to expand operations into as many as 29 African countries, building a pan-continental payment capability that can serve enterprises and financial institutions.
The planned capital raise reflects broader trends in Nigeria’s fintech space, where digital payment firms are seeking larger funding rounds to compete with established regional players and support cross-border growth.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
