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Hello followers! Today, let’s dive into the exciting world of fintech with PalmPay, a rising star in Africa’s digital banking scene. This innovative company is eyeing a significant boost in funding and expansion opportunities.
PalmPay, which started in Nigeria, is in discussions to secure between $50 million and $100 million in a Series B round. This funding aims to fuel growth in Nigeria and beyond, spreading its footprint across Africa and Asia. The company is now profitable after raising nearly $140 million during seed and Series A rounds.
Since launching in 2019, PalmPay has grown rapidly, processing over 15 million daily transactions with a user base of 35 million. Its revenue in 2023 hit $64 million—more than double compared to previous years—showing strong financial momentum.
The company initially found success by targeting Nigeria’s large unbanked population. It offers instant onboarding, zero transfer fees, and various financial services tailored to underbanked consumers and small businesses. Plus, its huge network of over 1 million agents and merchants helps bring banking services directly to people’s doorsteps.
Partnering with Transsion, a leading smartphone manufacturer in Africa, PalmPay pre-installs its app on financed phones, boosting user adoption. It’s now expanding into new markets like Tanzania and Bangladesh with offerings like device financing and consumer credit, aiming to replicate its initial success abroad.
The company also supports cross-border payments for merchants across Africa, enabling seamless transactions through a single API. These services already process hundreds of millions of dollars monthly, simplifying cross-country business operations.
With strategic investors like GIC and Mediatek, PalmPay is well-positioned to continue its growth journey. Their goal is to become the continent’s leading digital bank, combining technology innovation with physical touchpoints to serve more unbanked and underbanked users.
