PalmPay, the Lagos-based fintech company, is making waves across Africa’s financial technology landscape.
Reports indicate that the company is in the midst of raising between $50 million and $100 million in a fresh Series B funding round. Although the company has yet to confirm the exact figures, industry insiders suggest that these discussions are well underway, signaling strong investor confidence in PalmPay’s growth trajectory.
Proven Track Record
Founded with the goal of expanding financial access and inclusion, PalmPay has already demonstrated impressive growth.
The company previously raised a total of $140 million across multiple funding rounds, with its last major raise in 2021 nearly pushing it into “unicorn” territory — a valuation of over $1 billion. While the new valuation remains undisclosed, the additional funding could firmly establish PalmPay as a billion-dollar fintech powerhouse.
Strategic Expansion
Beyond its fundraising efforts, PalmPay has been aggressively expanding its footprint across Africa. Initially launched in Nigeria, it has since expanded into Ghana and most recently entered Kenya.
Looking ahead, the company has ambitious plans to penetrate additional markets including South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025. Notably, PalmPay also aims to introduce B2B financial services in these regions, catering to business clients and further diversifying its offerings.
Impressive User Metrics
PalmPay’s growth metrics are eye-popping. As of the first quarter of 2025, the platform boasts over 35 million registered users and processes more than 15 million transactions daily.
Its revenue performance has also been remarkable — generating $64 million in 2023 and more than doubling that figure in 2024. The company supports a vast agent network with over one million merchants, serving more than 10 million customers monthly.
Regional and Global Ambition
While rooted in Africa, PalmPay’s recent funding and expansion plans indicate an ambition that extends beyond the continent.
The company’s strategic positioning aims to tap into the underserved digital financial services market not only across Africa but also parts of Asia, where similar fintech opportunities exist.
Whether PalmPay will reach unicorn status in this funding round remains to be seen, but one thing is clear: the company is playing a long game. With its aggressive expansion, robust user base, and significant investor backing, PalmPay is poised to become a major player in the regional—and potentially global—fintech landscape.
As the company continues to grow and innovate, it exemplifies how African fintech startups are not just catching up but leading the charge in financial inclusion and digital banking.
