PalmPay

PalmPay, a mobile-first fintech platform, was launched in Nigeria in 2019 under a Mobile Money Operator license issued by the Central Bank of Nigeria. Backed by prominent Chinese investors, most notably Transsion and NetEase, PalmPay began with an ambitious seed round of US $40 million, one of the largest for an African startup at the time.

PalmPay’s mission is to digitize everyday financial transactions for mass-market Nigerians,making cashless transfers, bill payments, airtime purchases, savings, loans, and insurance more accessible, affordable, and convenient than cash.

As of mid-2025, it boasts over 35 million registered users, serves approximately one million small-and-medium enterprise clients, and handles 15 million daily transactions, translating to tens of billions of dollars in annual transaction volume. Impressively, 25% of monthly active users discovered their very first financial account with PalmPay, and among credit users, 60% accessed credit for the first time through the platform.

PalmPay has raised about US $140 million across its seed and Series A rounds. It became profitable and by mid-2025, was in advanced talks to raise US $50–100 million in a Series B round to accelerate growth in Nigeria, deepen its business-facing offerings, and expand further into African and Asian markets