Fintech PalmPay Eyes $100M Series B to Fuel Africa–Asia Expansion
PalmPay isn’t just scaling. It’s storming the fintech scene with profit, power, and a plan. The Nigerian-based digital finance disruptor is reportedly in talks to raise between $50M to $100M in a Series B round a move that could reshape digital banking across Africa and launch its ambitions into Asia.
Profitable Already? That’s Rare in Fintech
Founded in 2019, PalmPay has quietly pulled off what most fintechs burn millions chasing profitability. With 35 million registered users, 10 million monthly active customers, and 15 million daily transactions, it’s not just playing in Nigeria’s fintech space it’s dominating.
This level of traction isn’t a fluke. It’s strategy.
The Transsion Effect: Built-In Distribution at Scale
What gives PalmPay its edge? A supercharged partnership with Transsion, the phone manufacturer behind Tecno, Itel, and Infinix. PalmPay comes pre-installed on tens of millions of devices, giving it automatic reach in Nigeria’s urban and rural zones.
Think Apple Wallet meets M-Pesa, but embedded directly into the phone. In markets where data and app installs are costly, this is fintech distribution on cheat mode.
Africa + Asia Ambitions: The Expansion Blueprint
PalmPay’s fundraising isn’t just for vanity. It’s fuel for:
- Deeper expansion in Nigeria
- Launches in Tanzania, Bangladesh, and South Africa
- Device financing and digital credit rollouts
If executed right, this makes PalmPay Africa’s first true fintech super app a WeChat-meets-CashApp for underserved markets.
By the Numbers
- $64 million in 2023 revenue (doubling YoY)
- 1M+ SME agents using PalmPay’s tools
- KYC-first onboarding and anti-fraud compliance infrastructure
- Naira-stable wallet functionality for day-to-day spending
And while others are laying off staff, PalmPay is recruiting and expanding a sign of solid fundamentals in a turbulent VC environment.
Regulation & Policy: Playing the Long Game
PalmPay isn’t just moving fast it’s playing smart. It adheres to strict CBN regulations, deploys real-time AML filters, and works closely with national payment networks. That’s crucial in a market where fintech players get slapped with compliance sanctions weekly.
PalmPay’s legal structure and KYC rigor are setting the new standard for digital finance operations in West Africa.
Political & Economic Signals
PalmPay’s rise is also political. As Nigeria pushes for financial inclusion and a cashless economy, PalmPay is proving that private-sector innovation is outperforming policy-driven financial reforms.
By facilitating low-friction payments, digital credit, and savings even in hard-to-reach communities PalmPay is digitizing trust, one transaction at a time.
Financial Juggernut Final Take
PalmPay is proof that African fintech doesn’t have to be high-burn and Silicon Valley-dependent.
It’s local-first, profitable, and scaling fast.
With Series B money, it’s not just going pan-African, it’s going global.