PalmPay, a leading Nigerian fintech, is in talks to raise up to $100 million in Series B funding to accelerate its growth and expansion plans.
PalmPay, a prominent Nigerian digital bank, is reportedly in discussions to secure between $50 million and $100 million in a Series B funding round.
This move aims to bolster its operations in Nigeria and facilitate expansion into other African and Asian markets.
Since its inception in 2019, PalmPay has raised approximately $140 million across seed and Series A rounds.
The company has achieved profitability and boasts 35 million registered users, processing 15 million daily transactions.
Its annual transaction value reaches tens of billions of dollars, with revenue more than doubling from $64 million in 2023.
PalmPay’s growth strategy includes a hybrid model that combines digital services with a physical network of over 1 million small businesses and agent merchants.
This approach has enabled the company to serve more than 10 million customers monthly through its business app and point-of-sale devices.
The anticipated Series B funding will support PalmPay’s efforts to deepen its footprint in Nigeria, scale its business-focused offerings, and introduce its products to new markets across Africa and Asia.
