PalmPay in Talks for $100M Raise Amid Profitability Milestone
Hey Payments Fanatic!
PalmPay is reportedly in talks to raise between $50-$100 million, just as it reaches profitability. The Nigeria-based Fintech has raised nearly $140 million so far, with its last round in 2021 valuing the company at $800-$900 million, placing PalmPay among Africa’s biggest Fintechs. While the valuation for this round hasn’t been disclosed, sources say the funding may include both equity and debt.
Founded in 2019, PalmPay set out to build a digital bank focused on payments that fit the realities of Africa’s informal economy. It started in Nigeria, offering instant onboarding, zero transfer fees, and financial services for underbanked individuals and small businesses. Over time, it combined digital access with a massive agent network, now +1 million small businesses use PalmPay to serve customers face-to-face.
Now, the company says it processes +15 million transactions daily from 35 million registered users. Revenue reportedly hit $64 million back in 2023 and has more than doubled in the last year. PalmPay says one in four users opened their 1st financial account through its platform.
With profitability now achieved, PalmPay is looking to scale further. In Nigeria, it’s introducing device financing and expanding its business payments offering. It’s also growing its footprint in Ghana, Tanzania, and Bangladesh, its 1st market outside Africa. In each location, the strategy is similar: start with core products like credit or payments, then gradually add more.
Read more global Payments industry updates below 👇 and I'll be back with more on Monday!
Cheers,
NEWS
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