How much funding has PalmPay raised?

PalmPay has raised $100.0M in total funding, most recently a Series A round.

Where is PalmPay headquartered?

PalmPay is headquartered in Lagos, Nigeria.

What industry is PalmPay in?

PalmPay operates in Banking, Financial Services, Fintech.

PalmPay

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Lagos, Nigeria · Founded 2019 · $100.0M raised

Banking

Financial Services

Fintech

Headquarters: Lagos
Founded: 2019
Business Model: B2C
Website: palmpay.com

Total Funding: $100.0M
Last Round: $100.0M Series AAug 2021
Rounds: 1

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

PalmPay is a Banking company based in Lagos, Nigeria, founded in 2019. It has raised $100.0M in total across 1 round, most recently a $100.0M Series A round in Aug 2021.