Redtech Ltd., a Lagos-based financial technology company backed by Heirs Holdings—the investment group founded and led by Nigerian billionaire Tony Elumelu—is preparing to raise up to $100 million over the next two years to fund expansion across Africa. The company announced the fundraising as it reported a rise in transaction volumes and values in 2025. Redtech processed N30 trillion ($22 billion) in transactions during the year, more than double the previous year, highlighting its increasing role in Nigeria’s payments market.
The planned capital raise comes amid rapid operational growth. Redtech plans to expand into 29 African countries in the first half of the year, extending its reach beyond Nigeria. Management said the funds would support the rollout, upgrade technology infrastructure and meet regulatory requirements across jurisdictions. The company has not disclosed timing or valuation for the fundraising, but executives said preparations are underway.
Redtech targets $73 billion payments expansion
Emmanuel Ojo, Redtech’s chief executive officer, said the company has reached a stage where external equity is needed to support its next phase of growth. “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.” He added that activity on the platform is expected to rise sharply over the next two years, reflecting both geographic expansion and increased usage in existing markets.
Redtech projects annual transaction volumes to grow to about 100 billion transactions over that period, from 25 billion recorded last year. Over the same timeframe, the total value of transactions processed is expected to increase to N100 trillion ($73 billion), from N30 trillion ($22 billion) in 2025. Those projections point to the company’s aim to position itself as a core payments provider in multiple African markets, at a time when digital payments are becoming more deeply embedded in daily economic activity across the continent.
African fintech growth draws Heirs-backed Redtech
The broader backdrop is one of sustained interest in African financial technology, driven by rising mobile penetration, regulatory support and a large underbanked population. Ethiopia has seen a surge in mobile payments, with digital wallet users reaching about 58 million. In Kenya, platforms such as M-Pesa have helped bring more than 80 percent of adults into the formal financial system. Nigeria’s market has also become increasingly competitive, with companies including Moniepoint, Opay, PalmPay and Kuda reshaping how consumers and businesses move money. Redtech’s fundraising and expansion plans place it among a group of local players seeking to build pan-African platforms capable of competing with established names.
The company’s roots within Heirs Holdings give it access to strategic backing and institutional relationships that may support its cross-border ambitions. Heirs Holdings is a diversified investment group with interests spanning banking, energy, hospitality and technology. Elumelu, its founder and chairman, is also the single largest investor and chairman of United Bank for Africa Plc, one of the continent’s largest banks by geographic reach. Redtech operates as a unit of Heirs Holdings, allowing it to draw on the group’s experience navigating regulated industries across multiple African markets.
Redtech expands payments as cashless demand grows
Within Nigeria, Redtech has already built a sizeable physical and digital presence. The company has deployed more than 30,000 point-of-sale devices nationwide and recently launched a payment gateway, moves that bring it into more direct competition with established fintech unicorns such as Moniepoint Inc. and Flutterwave Inc. The expansion of its product suite reflects a strategy focused on serving individuals, small businesses and larger enterprises, as demand for reliable digital payment tools continues to rise.
Redtech’s growth also mirrors wider trends in Nigeria’s fintech ecosystem, which has been supported by the Central Bank of Nigeria’s push toward cashless transactions. Regulatory encouragement of electronic payments has helped accelerate adoption, creating opportunities for companies that can scale securely and comply with evolving rules. Management says part of the proposed $100 million raise would be directed toward strengthening compliance capabilities as the company enters new markets.
Building African fintech for generational growth
For Heirs Holdings, Redtech represents another technology-focused investment within a broad portfolio valued at N19.07 trillion ($13.93 billion) as of Jan. 31, 2026. Under Elumelu’s leadership, the group has promoted an investment approach centered on long-term capital deployment in sectors seen as critical to economic growth. That philosophy has guided investments across banking, energy and now financial technology, with Redtech emerging as one of the group’s most visible fintech plays.
As Redtech prepares for its next funding round, it is positioning itself at the intersection of rising digital payment adoption and growing investor interest in African technology firms. The scale of its recent transaction growth, combined with ambitious expansion targets, highlights both the opportunity and the execution challenge ahead. For now, management is focused on building the systems and partnerships needed to support a wider African presence, with the planned capital raise intended to provide the financial backing for that effort.
