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PALMPAY, a fintech of the African digital bank, is in talks to collect between $ 50 and $ 100 million in a series B, according to several sources familiar with the issue.
We do not know which evaluation he hopes to obtain, but his last round, in 2021, ranked it Among the most precious startups on the continentEstimated just shy in unicorn status.
While Palmpay refused to comment on the details of fundraising, a spokesman said that the six-year fintech was “in a strong financial situation and explores growth opportunities”.
The company, which raised nearly $ 140 million in its seed And Series A Rounds, is now profitable, according to people familiar with their finances.
The new capital, which should include both equity and debt, will feed the expansion of Palmpay: to deepen its footprint in Nigeria, the scaling of its new business -oriented offer and deploying the two products on new markets through Africa and Asia.
Last month, Palmpay announced that it had reached 15 million daily transactions, driven by its 35 million registered users. These transactions are now added to “tens of billions of dollars” each year, according to the company.
Income has also increased. According to the Financial Times, Palmpay’s revenues – $ 64 million in 2023 – have more than doubled since, according to people familiar with the finance of the company.
Launched in 2019, Palmpay started in Nigeria, the most populous country in Africa and a large fintech center. At the time, more than half of the country’s adults were not banished, and traditional banks were mainly aimed at salaried customers or in the formal sector, often with requirements that excluded mass market users.
PALMPAY has seen an opportunity to return this model to its head: to build a digital bank from zero, but to optimize it for the realities of the informal economy of Africa. The company has launched an application with instant integration, zero transfer costs and an increasing suite of services (including credit, savings, insurance and invoice payments) all adapted to the needs of sub-bancaré consumers and small businesses.
Above all, Palmpay was not only based on digital acquisition. The fintech has built a large network in the field of more than a million small businesses and agent merchants, which now serve more than 10 million customers through the Business Palmpay application and point of sale appliances (for liquidity and liquidity services).
Other major fintechs in the country, in particular Opay,, MoniepointAnd Paidalso adopted the hybrid model, Combine digital applications with physical contact points.
Palmpay claims to treat more transactions than any traditional bank in Nigeria, and 25% of its users report that it was their first financial account. For credit products, offered in partnership with approved lenders, this number increases to 60% among borrowers, he says.
Part of the solid advantage of Palmpay distribution and marketing arises from its partnership with the transmission, the Chinese phones manufacturer who dominates smartphones sales in Africa, with a market share of more than 40% in its brands (Tecno and Infinix).
Thanks to the partnership, Palmpay preinstalls its application on certain funded smartphones, helping to stimulate the acquisition and commitment of users.
Having imposed as one of the most used fintech applications in the country, Plampay is now preparing to reproduce his model in new markets abroad.
The Neobobanking platform has extended to Tanzania and Bangladesh (its first foray outside Africa), where Palmpay enters the financing of devices and consumer credit as corners before superimposing more services. (Other African digital banks, including Fairmoney,, Mnt-Halan And Tymebankhave extended their financial services to Asia with various degrees of success.)
The company also plans to introduce the financing of the devices in Nigeria, confirmed its spokesperson.
While the transmission, which led Plampay seeds, There remains a strategic partner, the company spokesman said that the Fintech actively explores collaborations with more original equipment manufacturers (OEM).
The GIC (Singapore Sovereign Wealth Fund) and Mediatek, one of the largest movable chipset manufacturers in the world, are some of its other investors.
On the business side, Palmpay offers cross -border payments for traders who wish to send and perceive payments across Africa via a single API, a recurring point (even with the promise of stablecoins). This newly launched commercial function already deals with “hundreds of millions of dollars a month,” confirmed the company spokesperson.
