Amid $100 million expansion plan, Redtech ranks among Africa’s fastest-growing companies

Just as it moves toward raising as much as $100 million over the next two years, Redtech Ltd., the fintech company backed by Heirs Holdings—the investment group led by Nigerian billionaire Tony Elumelu—is drawing wider attention after ranking among Africa’s fastest-growing companies, showing how it has scaled in the continent’s payments sector.

The company was ranked 32nd out of 130 firms on the Financial Times Africa’s Fastest Growing Companies 2026 list, produced with Statista. It also placed among the top 15 fintech companies on the continent. The ranking tracks compound annual revenue growth between 2021 and 2024 and applies strict thresholds on revenue size, independence, and organic expansion.

Redtech scales infrastructure-led growth model

For Redtech, its first appearance on the list offers a clearer picture of how rapidly it has expanded since launch. Emmanuel Ojo, its chief executive officer, described the recognition as less about transaction figures and more about the systems the company is putting in place for African businesses. He pointed to the need for payment infrastructure that allows firms to operate with fewer disruptions and more predictability in day-to-day commerce.

Tony Elumelu, chairman of Heirs Holdings, a family-owned pan-African investment company, linked the company’s progress to a broader push to build financial infrastructure across Africa. He said the group’s investment approach has been shaped by backing entrepreneurs and systems that support commerce at scale. He also framed Redtech’s performance as an example of what targeted private investment can achieve when focused on local operating conditions.

Expansion targets 29 African countries

Redtech operates two main business lines. Its financial technology arm, RedPay, handles merchant collections, payments processing, reconciliation, and disbursement. The company also holds multiple licences from the Central Bank of Nigeria, including approvals to operate as a payment terminal service provider and payment solution service provider. These licences allow it to run POS services, a payment gateway and agency banking under one structure. It also holds authorization from the Nigerian Communications Commission for value-added services.

Its energy-focused technology unit, SITCOM, provides integrated systems for upstream oil and gas operations, giving the company exposure to both financial services and industrial technology under one corporate structure. Redtech is now preparing for a fundraising plan that could reach $100 million over the next two years. The capital will support expansion into 29 African countries within the first half of 2026, while also funding technology upgrades and regulatory compliance across markets. The timing and valuation for the raise have not been disclosed.

Redtech targets 100 billion annual transactions after 2025 growth

Operationally, Redtech processed N30 trillion ($22 billion) in transactions in 2025, more than double the previous year. It expects transaction volumes to climb further, projecting as many as 100 billion transactions annually over the coming period, compared with 25 billion previously. The total value of transactions is also forecast to rise to N100 trillion ($73 billion), reflecting growing use of digital payments in everyday business activity.

Within Nigeria, the company has deployed more than 30,000 point-of-sale terminals and recently launched a payment gateway. That expansion places it in closer competition with established fintech operators such as Moniepoint Inc. and Flutterwave Inc., as demand for digital payment services continues to widen across retail and enterprise markets.