Redtech, backed by Tony Elumelu, plans $100M funding to expand fintech operations across 29 African countries and boost digital payments

Lagos-based fintech startup Red Ltd., also known as Redtech and backed by billionaire investor Tony Elumelu, plans to raise up to $100 million in fresh capital over the next two years to accelerate its expansion across Africa.

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The company, which provides payment services and agency banking solutions, aims to extend operations to 29 African countries in the first half of 2026, positioning itself as a major payments infrastructure provider across the continent.

Speaking to Bloomberg, Redtech Chief Executive Officer Emmanuel Ojo said the startup is considering a Series A funding round to support the continental rollout and the introduction of new products.

“We have been scaling up 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.”

Redtech expects platform activity to grow significantly over the next two years, projecting annual transaction volumes to rise to 100 billion, up from 25 billion in 2025.

Similarly, the total value of transactions processed is expected to increase to N100 trillion from N30 trillion, reflecting its ambition to become a pan-African payments backbone.

The startup’s growth aligns with Nigeria’s broader fintech boom, largely driven by the Central Bank of Nigeria’s push for cashless transactions.

Redtech has deployed over 30,000 point-of-sale devices nationwide and recently launched a payment gateway to compete directly with established players such as Moniepoint and Flutterwave.

Redtech operates under Heirs Holdings, the diversified investment group founded by Elumelu. The backing provides strategic support and industry connections that could accelerate its cross-border ambitions.

Despite the growing competition in the African fintech space, including Flutterwave’s recent acquisition of open-banking platform Mono Technologies and expansion by Chipper Cash and Moove, Redtech believes the continent’s underbanked population and shift to digital payments present significant long-term opportunities.

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If successfully raised, the $100 million funding will deepen market penetration, enhance technology infrastructure, and ensure regulatory compliance across multiple jurisdictions, reinforcing Redtech’s vision of building a pan-African fintech platform capable of rivaling established market leaders.