PalmPay
PalmPay is a banking company in Lagos, Nigeria, founded in 2019. It has raised $140.0M across 2 rounds, most recently a $100.0M Series A in August 2021.
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- Headquarters
- Lagos
- Employees
- 1001–5000
- Founded
- 2019
- Business Model
- B2C
- Website
- palmpay.com
- Total Funding
- $140.0M
- Last Round
- $100.0M Series AAug 2021
- Rounds
- 2
Totals include recorded grants and other qualifying funding, not just equity. What counts toward funding.
Indexed holds 2 funding rounds for this company. The full record is or through the API.
About
PalmPay is Nigeria's leading digital bank, launched in 2019 with initial backing from China's Transsion Holdings. The company operates across Nigeria, Tanzania, Bangladesh, Pakistan, Uganda, and the Philippines, banking over 35 million registered users and serving approximately one million SME clients. PalmPay offers unlimited free bank transfers, high-yield savings accounts, credit products, bill payments, and a merchant payments network. Its device financing program has enabled 600,000+ first-time smartphone owners in Tanzania and Bangladesh to access digital banking. PalmPay is fully licensed as a Mobile Money Operator by the Central Bank of Nigeria, ISO-certified, and PCI DSS compliant. In 2025, PalmPay reported 15 million daily transactions and was listed among the world's top fintech firms by CNBC/Statista and ranked second on the FT's list of Africa's Fastest-Growing Companies.
Summary
It lists 1001–5000 employees. It has raised $140.0M in total across 2 rounds, most recently a $100.0M Series A round in Aug 2021.
Tech & App Stack
2 technologies & apps tracked
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Funding History
Aug 2021
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Funding: Seed through Series A. Amounts, valuations, and investors where available.
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