A fintech startup backed by Nigerian investor Tony Elumelu is preparing to raise up to $100 million to accelerate its expansion across Africa. The Lagos-based company, Redtech Ltd., said the capital injection will support its rollout beyond Nigeria into multiple African markets, Business Insider Africa reported.
Redtech provides digital payment and agency banking services and plans to enter up to 29 countries across the continent in 2026. The proposed funding, structured as a Series A equity raise, is intended to strengthen technology infrastructure, expand operations, and ensure regulatory compliance in new markets, Bloomberg noted.
The company has experienced rapid growth in transaction volumes, which industry sources say could reach 100 billion transactions annually, up from 25 billion last year, with a projected total transaction value of ₦100 trillion ($73 billion). The expansion strategy aims to position Redtech as a leading pan-African payments platform, according to management statements.
The capital raise reflects broader momentum in Africa’s fintech ecosystem, where firms are seeking larger funding rounds to scale operations, support cross-border payments, and compete with established players. Analysts say Redtech’s continental push highlights the growing demand for accessible and scalable digital financial services in underbanked markets.
