Financial services app PalmPay looks to secure an additional $100 million in investment as it expands its operations beyond Nigeria.
PalmPay Aims for Global Expansion in Series B Funding Round
PalmPay, an African digital bank and payments fintech, is in discussions to raise between $50M and $100M in a Series B funding round. This capital infusion aims to support the company's ongoing growth and expansion plans across Africa and beyond.
The company, which currently processes over 15 million daily transactions, has demonstrated rapid user engagement. With a user base of over 35 million, PalmPay has established a significant presence in the African digital banking and fintech space. This scale has earned it a spot among CNBC’s Top 300 Global Fintech Companies.
PalmPay's business strategy revolves around growing its user base and transaction volumes. The company's success is evident in its partnership with Transsion, Africa's top smartphone maker, which has boosted its reach. The PalmPay app is pre-installed on financed phones from Transsion, aiding mass-market adoption.
In these markets, PalmPay leads with device financing and consumer credit. Approximately 25% of PalmPay's users reported it as their first-ever financial account, while for credit users on PalmPay, around 60% said it was their first loan experience, facilitated through licensed lender partnerships.
Looking ahead, PalmPay plans to replicate its hybrid model in more emerging markets across Africa and Asia. The new capital will be used to deepen its footprint in Nigeria, scale its business-facing products, and expand across Africa and Asia. In Nigeria, PalmPay plans to introduce device financing and seek more OEM partnerships.
PalmPay is also planning to roll out cross-border payments for merchants, currently processing hundreds of millions monthly. This move is part of its strategy to deepen fintech penetration beyond Nigeria and leverage its strong transactional volume to scale across the continent.
The company is currently profitable, according to people familiar with its financials. Its 2023 revenue was $64M, and has more than doubled since. PalmPay's network of agents has expanded to over 1 million merchants, further strengthening its position in the market.
As PalmPay prepares to go global, it is set to enter several new African markets, including South Africa, Côte d'Ivoire, Uganda, and Tanzania. This regional expansion is part of its strategy to deepen fintech penetration beyond Nigeria and leverage its strong transactional volume to scale across Africa.
References:
- TechCrunch, "PalmPay is raising $50M-$100M in a Series B round to fuel its aggressive expansion across Africa," (2025).
- CNBC, "Top 300 Global Fintech Companies," (2025).
- PalmPay Press Release, "PalmPay Announces Series B Funding Round and Global Expansion Plans," (2025).
- The African Report, "PalmPay: The African Fintech Startup Making Waves," (2025).
Finance and technology will play significant roles in PalmPay's global expansion, as the African digital bank aims to raise between $50M and $100M in a Series B funding round. Leveraging technology, PalmPay seeks to deepen fintech penetration beyond its current African markets and expand into Asia.
Business growth beyond Africa is not just about geographical expansion for PalmPay; it also involves scaling its business-facing products, leveraging profitable partnerships, and increasing transaction volumes in new markets, such as South Africa, Côte d'Ivoire, Uganda, and Tanzania.
