Elumelu-backed Redtech mulls $100mcash raise, transactions hit N30 trillion

A Nigerian financial-technology company backed by Nigerian businessman, Mr Tony Elumelu, Redtech Limited, is planning to raise about $100 million cash in the next two years to expand its footprints across Africa.

This comes as it announced processing N30 trillion ($20.6 billion) in total transactions over the 2025 financial year, over 100 per cent more than the N12 trillion achieved in 2024, placing the company among the highest-volume processors in Nigeria.

The milestone was driven by strong growth across its payment platform, RedPay – including point of sale (PoS) network, merchant collections, and digital payment channels.

Its Chief Executive, Mr Emmanuel Ojo, said the milestone marks a decisive shift from capability building to operating at national scale, reflecting sustained trust in Redtech’s infrastructure under high-volume conditions, alongside consistent adoption across sectors.

“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.” We have built Redtech around durability, strong governance, and regularity 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,” he said.

A statement explained that the firm’s transaction volumes have been driven by a mix of SMEs, enterprise customers, and financial institutions across retail, hospitality, insurance, energy, public-sector-linked services, and banking.

This highlights Redtech’s ability to support complex transaction flows, including batch processing, reconciliations, and always-on uptime across different sectors.

Redtech plans to expand beyond Nigeria into 29 African countries by January 2027, building towards an Africa-wide payments capability that can support businesses operating across borders, sectors, and payment types.

The company will then consider the Series A funding round, Mr Ojo told Bloomberg.

The startup has so far deployed more than 30,000 point of sale devices and started a payment gateway which helps businesses move money at scale through secure, reliable, and scalable systems that reduce payment failures, downtime, and reconciliation failures while meeting the compliance needs of enterprises and regulated sectors.