PalmPay in Advanced Talks to Raise Up to $100M in Series B Round
Lagos, Nigeria – June 2025 — Nigeria’s leading fintech startup, PalmPay, is reportedly in advanced talks to raise between $50 million and $100 million in a Series B funding round, as part of its ambitious plan to scale operations across Africa and into Asia.
The company, which already operates in Nigeria, Ghana, and Kenya, is now eyeing further expansion into South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025. In Tanzania, PalmPay will debut B2B financial services, signalling a strategic shift toward enterprise offerings.
From Near-Unicorn to Global Challenger
PalmPay came close to unicorn status in its 2021 Series A round, and while its current valuation post-Series B remains undisclosed, it is expected to place the company among Africa’s top-tier tech players.
To date, PalmPay has raised $140 million across its seed and Series A rounds. The upcoming raise would further cement its status as one of the continent’s most capitalised fintech startups.
Although no official statement has been made by PalmPay, a reliable source close to the company has confirmed that these funding discussions are ongoing.
Growing Footprint and Financial Performance
PalmPay’s expansion plan aligns with earlier reports from Condia, which outlined the company’s intention to penetrate Asian markets and solidify its hold in Africa.
As of Q1 2025, PalmPay boasts:
- 35 million registered users
- 15 million daily transactions
- Over 1 million agents and merchant partners
- A hybrid infrastructure that combines digital financial tools and in-person services
The company reported $64 million in revenue in 2023, with that figure doubling in 2024, showcasing consistent year-on-year growth.
PalmPay’s strategy leverages both digital product innovation and last-mile agent networks, enabling it to reach underserved markets while scaling its consumer and merchant base. It currently serves over 10 million customers monthly.
About PalmPay
PalmPay is a fast-growing fintech platform headquartered in Lagos, Nigeria. With a mission to democratise financial access across emerging markets, PalmPay offers a suite of digital financial services to consumers, merchants, and enterprises. The platform combines intuitive technology with a wide agent network to serve millions across Africa and, soon, Asia.
