Palmpay in Talks to Raise Between $50M – $100M Series B to Fund African and Asian Expansion

Palmpay, a licensed and insured mobile money operator in Nigeria that offers money transfer, bill payment, and savings, is reportedly in talks to raise $50 million to $100 million in a Series B funding round.

This funding effort follows the company’s previous raise of nearly $140 million across seed and Series A rounds.

The anticipated funding, a mix of equity and debt, will support Palmpay’s expansion in Nigeria, scale its business-focused offerings, and drive entry into new African and Asian markets.

While the company has not disclosed its valuation for this upcoming round, its 2021 Series A funding positioned it just shy of unicorn status, making it one of the most valuable startups in Africa. Industry watchers believe that this new raise could push PalmPay into unicorn territory.

Since its launch in 2018, PalmPay has quickly emerged as Africa’s leading Fintech, making a tangible impact on the continent’s financial landscape. Its commitment to delivering secure, accessible, and innovative digital payment services has garnered the trust and support of millions of users and merchants, driving financial inclusion across the continent

For customers, the fintech has been at the forefront of offering accessible and diversified financial services to individual users.  For Businesses, it helps them expand with tech-powered solutions and smooth digital payment services. Also, its innovative services and data-driven insights enable your business to thrive.

In early 2023, the Central Bank of Nigeria (CBN) restricted cash limits for Nigerians, which put a lot of pressure on the ICT infrastructure of all commercial banks. Most fintech companies benefited from the chaos as they experienced an upsurge in customer behavior and engagement. PalmPay became commonplace and has since been experiencing growth in new customer sign-ins and engagement.

This year, the company was ranked number 2 on the Financial Times’ list of Africa’s Fastest-Growing Companies in 2025 and #1 in the financial services sector. This recognition underscores the effectiveness of Palmpay’s business model, the dedication of the team, and the impact of delivering inclusive financial solutions at scale.

Over the past years, the company has grown to serve over 35 million users. The mobile banking platform provides digital payments, savings, credit, insurance, and business tools that are transforming how people manage and move their money.

With Africa being home to the world’s next billion digital financial users, PalmPay is at the forefront of this, building the infrastructure to serve them through trusted products, strategic partnerships, and localized innovation. The fintech has empowered individuals and businesses across Africa to realize their financial goals. With expansion into new markets and a growing suite of products, the company is bringing inclusive financial services to even more people on the continent.

Beyond Nigeria, PalmPay has entered Tanzania and Bangladesh, using device financing and consumer credit as entry points before expanding services. The company also plans to launch device financing in Nigeria. Its business-facing cross-border payment solution, live in Nigeria, Kenya, and Tanzania (with South Africa planned), processes “hundreds of millions of dollars monthly” via a single API, addressing a critical merchant pain point.

As it rivals platforms like OPay, Moniepoint, and Paga, PalmPay’s continued growth and investment momentum signal its rising influence in Africa’s digital economy and potentially, its imminent entry into the unicorn club.

The anticipated funding, will no-doubt position it to accelerate its growth, solidify its leadership in Nigeria, and challenge global fintechs in new markets, while further bridging Africa’s financial access gap.