e-Commerce | Payments firm eyes Nigeria growth amid $5m funding

e-Commerce | Payments firm eyes Nigeria growth amid $5m funding

e-Commerce | Payments firm eyes Nigeria growth amid $5m funding

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Emergent Payments, a global payments provider that also operates in Nigeria, says it closed over $5 million of equity funding, to explore e-commerce market stakes.

Mitch Davis, CEO Emergent Payments, who announced the final closing of the deal says the funding came form existing investors and Responsible Gold Holdings LP .

“This financing will accelerate the growth of our footprint in emerging markets, in the last 12 months alone we opened offices in Nigeria and Bangladesh and we’re looking ahead to our next market move. It will also help facilitate the expansion of our research and development efforts and our focus on payment method optimization”, Davis says.

Emerging markets account for 85% of the world’s population and 90% of people under age 30. Expansion into these markets is a key growth strategy for many merchants.

Buying and selling underway at Ikeja Computer Village, Nigeria's largest technology market cluster Photo: Kehinde Shonola/Technology Times
Buying and selling of smartphone seen at Ikeja Computer Village, Nigeria’s largest technology market cluster Photo: Kehinde Shonola/Technology Times

Emergent Payments helps digital merchants grow their business in high growth and complex emerging markets like Latin America, Asia, India, and Eastern Europe – markets with the potential for $1.1 trillion in e-commerce payments.

Emerging markets account for 85% of the world’s population and 90% of people under age 30. Expansion into these markets is a key growth strategy for many merchants.

According to the company’s CEO, “we see strong demand for high performance, reliable payment solutions in growth markets.  Countries like India, Brazil, Malaysia and China are complex because of the range of local methods, regulations, tax, remittance, and optimization. Emergent Payments has strong technology, deep payments expertise, and opportunity to really scale.”

“RGH’s investment in Emergent Payments advances our strategy to create a global ecosystem for tokenized, responsibly sourced gold,” Luke Sully, RGH Head of Stakeholder Relations adds.

“Their geographic reach and payments platform increases our ability to transact with hundreds of millions of customers on a reliable and consistent basis.”

Technology Times Reports News and reports from Technology Times Newsroom

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