Tony Elumelu–Backed Redtech Targets $100m Funding Round for Pan-African Expansion
Redtech Ltd., a Nigerian fintech startup backed by business magnate Tony Elumelu, has announced plans to raise $100 million within the next two years to support its expansion across Africa.
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The company disclosed that it aims to process financial transactions in all 54 African countries before the end of the year, leveraging its growing integration with regional and global financial networks to deepen market penetration.
Founded in 2020 under the Heirs Holdings group, Redtech has recorded rapid growth within Nigeria’s payments ecosystem, positioning itself as a key player in the continent’s evolving digital finance landscape.
In 2025 alone, Redtech processed over $20.6 billion in transactions, reflecting strong adoption of its platforms and rising demand for seamless payment solutions across sectors.
Company executives said the planned funding round will be deployed toward infrastructure development, regulatory expansion, talent acquisition and product innovation, as Redtech accelerates its ambition to build a unified payments backbone for Africa.
Industry analysts note that Redtech’s aggressive growth strategy aligns with the broader Africapitalism vision championed by Tony Elumelu, which emphasizes private-sector–led development and technology-driven financial inclusion.
With Africa’s fintech market projected to grow significantly over the next decade, Redtech’s expansion drive is expected to enhance cross-border payments, boost financial inclusion and strengthen digital commerce across the continent.
Tony Elumelu–Backed Redtech Targets $100m Funding Round for Pan-African Expansion