PalmPay Funding News: Profitable African Fintech Eyes $100M Expansion Round
Is PalmPay raising more funding in 2025? How much is PalmPay worth now? And is the company really profitable? These are some of the most searched questions about one of Africa’s fastest-growing digital banking platforms. According to reliable sources, PalmPay — a leading African fintech — is currently in discussions to raise between $50 million and $100 million in a Series B funding round. This comes as the company strengthens its position in the African fintech ecosystem and gears up for aggressive expansion into new markets across Africa and Asia. With strong user growth, increasing transaction volumes, and rising revenue, PalmPay is attracting investor attention again, potentially pushing its valuation closer to unicorn status.
Founded in 2019, PalmPay is a mobile-first digital bank built to serve the underbanked and informal economy across emerging markets. Operating out of Nigeria, Africa’s largest economy, the company offers instant onboarding, zero transfer fees, and a wide suite of financial products — including mobile payments, savings, credit, insurance, and bill payments. By focusing on financial inclusion, PalmPay has successfully acquired over 35 million registered users and now processes 15 million daily transactions, amounting to tens of billions of dollars annually. This scale and usage pattern signals a deep penetration of Africa’s mass-market segment — a demographic often overlooked by traditional banks.
PalmPay’s profitability is particularly noteworthy in a climate where many fintech startups are still burning capital. Insiders report the company is now operating in the black, with revenue doubling from $64 million in 2023, positioning it among a rare class of high-growth, cash-flow-positive fintechs. This financial strength adds credibility to its upcoming fundraising round and is likely to draw top-tier venture capital and fintech investors.
While PalmPay has not disclosed its current valuation, its last funding round in 2021 placed it just shy of unicorn territory. With this new round — potentially reaching $100 million and involving a mix of equity and debt financing — the company aims to scale its business-focused offerings, expand deeper into Nigeria, and launch in additional African and Asian markets. The strategic use of funds for geographic expansion and product diversification aligns with global fintech trends focused on scalable digital infrastructure, payment solutions, and B2B services.
For advertisers and analysts alike, PalmPay’s story is a compelling example of digital transformation, emerging market opportunity, and sustainable fintech growth. It also reflects the growing value of mobile-first financial services tailored to local market dynamics.
As the African fintech boom continues, PalmPay’s trajectory is one to watch closely. Its ability to merge profitability with scale, while addressing the real-world challenges of financial access, sets it apart in an increasingly competitive market.
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