Profitable African fintech PalmPay is in talks to raise as much as $100M
- PalmPay is in talks to raise between $50 million and $100 million in a Series B funding round.
- The fintech has processed 15 million daily transactions, driven by its 35 million registered users.
- PalmPay's revenue has surged to $64 million in 2023, more than doubling since its previous financial reports.
Tech Labari - Jun 5, 2025
PalmPay Eyes Up to $100M in Fresh Funding as it Pushes Beyond Nigeria
PalmPay, a leading African digital bank and payments fintech, is seeking to raise between $50M and $
PalmPay's innovative approach to addressing the needs of underbanked consumers in Africa positions it well for future growth. However, as it expands into new markets, it will face competition from established players and must adapt its strategies to local contexts. The reliance on partnerships with OEMs could be a double-edged sword, providing growth opportunities while also creating dependencies.
