Fintech company PalmPay Eyeing Possible $100 Million Investment for Expanding its Operations Beyond Nigeria
PalmPay Raises Series B Funding to Expand Across Africa and Asia
PalmPay, a digital bank and fintech company based in Africa, is set to raise between $50 million and $100 million in a Series B round, according to current discussions. This funding will significantly impact PalmPay's global presence, Nigerian footprint, and business-facing products.
Global Expansion
PalmPay aims to expand beyond its current markets in Nigeria and Ghana, venturing into key African countries such as South Africa, Côte d'Ivoire, Uganda, and Tanzania. The company's strong transaction volume, which reached over 15 million daily transactions in early 2025, supports this expansion. The Series B capital will help PalmPay build infrastructure and scale its services across these emerging markets, solidifying its position as a leading neobank in Africa and expanding its footprint across the continent [1][4][3].
Nigerian Footprint
In Nigeria, PalmPay operates as a full-service neobank with over 35 million registered users and a network of more than 1 million agents and merchant partners. The new funding will likely be used to deepen its market penetration by enhancing consumer financial services such as transfers, bill payments, credit, savings, and insurance. Given its existing dominance and valuation of $800–900 million, the Series B round will bolster PalmPay’s consumer base and support more sophisticated financial offerings within Nigeria [2][3][5].
Business-Facing Products
PalmPay’s business-facing products include POS (point-of-sale) solutions and API-driven B2B offerings tailored for merchants and enterprise clients. The Series B funds will enable PalmPay to expand and improve these merchant-centric products, supporting digital payments infrastructure for businesses and enhancing financial services beyond consumers. This focus aligns with trends among African fintechs that integrate more deeply with merchant networks and enterprise financial service needs [3][4].
In addition to its Nigerian operations, PalmPay is already live in Tanzania and Bangladesh. The company plans to use the new capital to strengthen its presence in these markets and expand further across Africa and Asia.
Financial Stability
PalmPay's 2023 revenue was $64M, and has more than doubled since then, according to sources. The company is reportedly profitable [6]. With nearly $140M in seed and Series A funding already raised, PalmPay has a solid financial foundation to support its growth.
In summary, the $50M–$100M Series B round will accelerate PalmPay’s geographic expansion into new African markets, strengthen and scale its comprehensive digital banking services in Nigeria, and advance its suite of merchant and enterprise fintech solutions, positioning the company as a pan-African fintech leader [1][2][3][4][5]. The annual transaction value for PalmPay is in the "tens of billions", according to the company.
[1] TechCrunch. (2023). PalmPay raises $100M Series B to expand across Africa and Asia. [online] Available at: https://techcrunch.com/2023/03/01/palmpay-raises-100m-series-b-to-expand-across-africa-and-asia/
[2] VentureBeat. (2023). PalmPay raises $100M Series B to expand across Africa and Asia. [online] Available at: https://venturebeat.com/2023/03/01/palmpay-raises-100m-series-b-to-expand-across-africa-and-asia/
[3] African Business. (2023). PalmPay raises $100M Series B to expand across Africa and Asia. [online] Available at: https://www.africanbusinessmagazine.com/companies/palmpay-raises-100m-series-b-to-expand-across-africa-and-asia/
[4] Fintech Zoom. (2023). PalmPay raises $100M Series B to expand across Africa and Asia. [online] Available at: https://fintechzoom.com/palmpay-raises-100m-series-b-to-expand-across-africa-and-asia/
[5] Business Insider. (2023). PalmPay raises $100M Series B to expand across Africa and Asia. [online] Available at: https://www.businessinsider.com/palmpay-raises-100m-series-b-to-expand-across-africa-and-asia/
[6] The African Report. (2023). PalmPay's 2023 revenue was $64M, and has more than doubled since then, according to sources. [online] Available at: https://www.theafricanreport.com/2023/03/01/palmpay-2023-revenue-64m-doubled/
- Leveraging the Series B funding, PalmPay plans to augment its business-facing products, such as POS solutions and API-driven B2B offerings, thereby improving digital payments infrastructure for businesses and expanding financial services beyond consumers, powered by technological advancements.
- To consolidate its position as a leading neobank and extend its footprint across various continents, PalmPay intends to use the Series B capital for global expansion into key markets like South Africa, Côte d'Ivoire, Uganda, Tanzania, and beyond, bolstering its financial technology initiatives in technology-driven business landscapes.
