PalmPay, a prominent African digital bank, is negotiating a Series B funding round to secure between $50 to $100 million. The fintech, which has previously raised around $140 million, is profitable and aims to use new capital for expansion in Nigeria and beyond. With 35 million registered users generating 15 million transactions daily, revenue for 2023 has surged to $64 million. Established to cater to the unbanked in Nigeria, PalmPay offers a digital banking model optimized for the informal economy, distinguishing itself in a competitive market.
"Launched in 2019, PalmPay started out in Nigeria, Africa's most populous country and a major fintech hub, seeing potential in the unbanked population."
"PalmPay's revenue has more than doubled since 2023, reaching $64 million, driven by a user base of 35 million and 15 million daily transactions."
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