PalmPay, a profitable African fintech company, is in advanced talks to raise between $50 million and $100 million in a Series B funding round. The company, which operates a digital banking platform optimized for Africa's informal economy, offers services including instant onboarding, zero transfer fees, and a suite of financial products tailored to underbanked consumers and small businesses. This funding will fuel PalmPay's expansion into new African and Asian markets, scale its business-focused offerings, and deepen its presence in Nigeria.
PalmPay has already achieved significant milestones, boasting 35 million registered users and processing 15 million daily transactions, totaling tens of billions of dollars annually. Its revenue surged to $64 million in 2023, more than doubling from the previous year. The company's success is attributed to its hybrid model, combining a digital app with a vast network of over 1 million agent merchants.
