Nigerian startup Redtech Ltd., supported by business magnate Tony Elumelu, is preparing to raise $100 million (approximately 55.5 billion CFA francs) over the next two years. The funding aims to accelerate the company’s expansion across Africa and strengthen its technological and commercial capabilities in multiple countries.

Founded in 2020 under the Heirs Holdings group, Redtech has quickly become a major player in the African fintech sector, specializing in electronic payment solutions and agent banking services. Its main platform, RedPay, provides a wide network of payment terminals and digital services for merchants and consumers.

According to company data, Redtech processed more than $20.6 billion in transactions in 2025, reflecting its rapid growth and ability to meet the evolving needs of the African market.

The planned fundraising, potentially structured as a Series A round, will support Redtech’s ambitious expansion strategy. The startup aims to expand operations to 29 African countries by the first half of 2027, before eventually covering the entire continent, with the goal of offering integrated financial services across all 54 African countries.

With this funding, Redtech intends not only to consolidate its position in the Nigerian market but also to compete with other fintech players in Africa by providing innovative services tailored to local needs. The company emphasizes that its expansion strategy aligns with sustainable and inclusive growth, contributing to financial inclusion and economic development across the continent.