Elumelu’s Redtech weighs $100m raise to fuel Pan-African expansion

Redtech Limited, a Lagos-based payments and agency banking company supported by Tony Elumelu’s Heirs Holdings, has considered raising about $100 million in fresh capital as it accelerates plans to expand across Africa.

Redtech Limited stated that the potential funding round would help deepen its footprint beyond Nigeria, strengthen its technology infrastructure, and meet regulatory requirements across multiple African markets.

Emmanuel Ojo, MD/CEO of Redtech Limited disclosed the fundraising plan in an interview with Bloomberg, saying the company expects to consider a Series A funding round over the next two years, following rapid growth in transaction volumes and merchant adoption.

Read also: Redtech launches RedPay, single-dashboard payment system for businesses

“We have been scaling very fast,” Ojo said. “The business has now reached a more mature stage, and we need additional equity to support expansion and introduce new products across Africa.”

Founded to provide digital payment services, merchant acquiring, and agency banking solutions, Redtech operates its proprietary payments platform, RedPay, which supports point-of-sale terminals, merchant collections, and digital transactions.

The startup stated that it processed N30 trillion ($20.6 billion) in transactions in 2025, which more than double the N12 trillion recorded the previous year.

The company currently has over 30,000 POS terminals deployed nationwide and recently launched a payment gateway aimed at supporting large enterprises and regulated sectors such as banking, insurance, energy, and public-sector services.

Read also: Redtech hits N30trn 2025 on payment platform expansion

As part of its growth strategy, Redtech plans to expand into 29 African countries by early 2027.

The firm projects transaction volumes could rise to 100 billion annually over the next two years, while the total value processed could climb to N100 trillion.

Tony Elumelu, chairman of Heirs Holdings, Transcorp Group, and United Bank for Africa (UBA), is one of Africa’s most prominent investors, with interests spanning finance, energy, hospitality, healthcare, and technology.