Nigerian payments firm Redtech, supported by tycoon Tony Elumelu, is targeting a $100 million capital injection over the next two years to fuel its African expansion, after handling a staggering N30 trillion ($20.6 billion) in transactions during 2025—a doubling from the prior year.
The fintech, which runs the RedPay platform for point-of-sale networks, merchant collections and digital channels, has seen adoption soar among small businesses, enterprises and sectors like retail, hospitality, insurance and energy, deploying over 30,000 PoS devices and a gateway minimizing failures and downtime.
Redtech aims to operate in 29 African nations by January 2027, focusing on cross-border capabilities, before launching a Series A funding round.
Chief executive Emmanuel Ojo said: “This milestone reflects trust from businesses that rely on us to collect and move money at scale, and from partners who expect reliability every single day.”
He added: “We have built Redtech around durability, strong governance, and regulatory alignment, so SMEs, enterprises, and regulated clients can grow on our rails without worrying about downtime or friction. With that foundation in place, we are ready to take this approach into more African markets.”
