Fintech company PalmPay looks to secure another $100 million in funding, aiming to expand services beyond Nigeria.
PalmPay, a digital bank and payments fintech based in Africa, has achieved significant growth and recognition in the global fintech industry. The company, which is currently live in Tanzania and Bangladesh, processes 15 million daily transactions and serves over 35 million registered users.
According to the company, the annual transaction value for PalmPay is in the "tens of billions". The fintech has also demonstrated profitability, making it a compelling investment opportunity.
PalmPay's business strategy focuses on financial inclusion tailored to emerging market realities. Through a mobile app supported by a network of over 1 million agents and merchants, PalmPay offers services such as money transfers, bill payments, credit, savings, insurance, and merchant solutions. This comprehensive ecosystem addresses widespread unbanked populations by providing accessible, local-language banking solutions in cash-driven and low-data environments.
The company has gained global recognition, being listed for the second consecutive year among CNBC and Statista’s Top 300 Fintech Companies worldwide in 2025. This places PalmPay alongside global giants like Revolut, Nubank, and Ant Group.
PalmPay is currently in advanced talks to raise between $50 million and $100 million in a Series B funding round, reflecting investor confidence in its growth and business model. This fundraising effort is part of PalmPay’s broader strategy to scale operations and expand globally beyond its core African markets.
The new capital raised will be used to deepen PalmPay’s Nigerian footprint, scale its business-facing products, and expand across Africa and Asia. In these markets, PalmPay leads with device financing and consumer credit.
Prior to this, PalmPay has already raised nearly $140M in seed and Series A funding. In 2023, the company's revenue was $64M and has more than doubled since.
In summary, PalmPay's strong business fundamentals, strategic fundraising, and global fintech recognition position it as a leading African fintech scaling on the world stage. The company's focus on financial inclusion and its comprehensive ecosystem make it a key player in emerging markets’ digital finance.
- In light of PalmPay's significant growth and profitability, it has become an attractive investing opportunity within the global finance and technology sector, making it a suitable addition to any lifestyle-focused investment portfolio.
- As PalmPay expands its operations globally, leveraging technology to provide accessible financial services in numerous markets, it will undoubtedly contribute to reshaping the business landscape of lifestyle, investing, and digital finance, particularly in emerging markets.
