Rumor has it that PalmPay is currently in talks to secure a significant investment of between $50 million and $100 million in a Series B round. Hey there, fellow fintech enthusiasts! Exciting news coming from PalmPay, the African digital bank that’s making waves in the financial world. Through this collaboration PalmPay’s app is pre-installed on selected financed smartphones driving user acquisition and engagement to new heights.
Transforming into one of Nigeria’s most popular fintech apps PalmPay is now set on expanding its model to international markets with a recent expansion to Tanzania and Bangladesh and plans to introduce device financing back in Nigeria.
Investors including GIC (Singapore’s sovereign wealth fund) and MediaTek a major mobile chipset manufacturer have shown their confidence in PalmPay’s vision.
Diving into the business realm PalmPay also offers cross-border payment solutions for merchants looking to send and receive payments seamlessly across Africa through a single API. Impressive right?
Although the exact valuation they are aiming for remains a mystery PalmPay made headlines last year when their 2021 funding round positioned them as one of the most valuable startups on the African continent nearing unicorn status.
While PalmPay has chosen to remain tight-lipped about the specifics of the fundraising process a spokesperson did mention that the 6-year-old fintech is in a robust financial position and is actively exploring growth opportunities.
Having already raised close to $140 million from seed and Series A rounds and now turning profitable PalmPay is gearing up for further expansion né?. Insiders familiar with the company’s financials have disclosed that the revenue has more than doubled since then, signaling the company’s strong financial performance.
Established in 2019 in Nigeria, PalmPay originated in Africa’s largest economy and a burgeoning fintech hub. This new feature has been gaining traction in Nigeria, Kenya, and Tanzania, processing “hundreds of millions of dollars monthly,” as confirmed by the company.
Exciting times ahead for PalmPay as they continue to revolutionize the fintech landscape in Africa and beyond! 🚀
né?. The upcoming funding is expected to include a mix of equity and debt fueling PalmPay’s plans to strengthen its footprint in Nigeria enhance its business-focused offerings and introduce these products to new markets in Africa and Asia.
In a recent announcement PalmPay shared that they have reached a milestone of 15 million daily transactions thanks to their massive base of 35 million registered users. Recognizing the challenges faced by over half of Nigerian adults who were unbanked PalmPay took the initiative to disrupt the traditional banking landscape by offering a digital bank tailored to Africa’s informal economy.
With an app that boasts instant onboarding zero transfer fees and a diverse range of services including credit savings insurance and bill payments PalmPay aimed to cater to the needs of underbanked consumers and small businesses.
A key to PalmPay’s success lies in its strategic partnership with Transsion the leading Chinese smartphone manufacturer in Africa né?. These transactions are now generating “tens of billions of dollars” annually adding significant value to the company.
Revealing an impressive growth trajectory PalmPay’s revenue hit $64 million back in 2023 as reported by the Financial Times
