PalmPay Eyes $100 Million Series B to Power Fintech Expansion across Africa and Asia

PalmPay, a fintech company from Nigeria, wants to raise more money through Series B funding so that it can offer digital banking and payment services in Africa and Asia.

PalmPay, a top digital bank fintech from Africa, is talking to investors about rising between $50 and $100 million in a new funding round so it can spread its services in Africa and Asia. It was established in Nigeria in 2019 and has so far secured around $140 million. According to the company’s executives, it is now profitable.

The fintech has quickly become prominent in the Nigerian financial scene. PalmPay states that the 15 million daily transactions and 35 million registered users it has make it handle more transactions than the country’s banks. In 2023, it made $64 million and since then it has more than doubled.

PalmPay brings together digital credit, savings and insurance options with the help of a large network of over one million small business agents. The business is relying on deals like the one with Transsion to make its app standard before distributing new phones.

At the moment, PalmPay is expanding in Tanzania and Bangladesh and it will aim to grow its fintech products, offering more device financing and cross-border payments. An announcement confirmed that the new location will provide more opportunities for expansion and advance both services for consumers and businesses.

Because GIC and MediaTek have invested in PalmPay, the company is now set to strengthen its position in Africa’s expanding fintech sector.