Africa Payments Firm, PalmPay Raises $100M Series A in 2021, Claims to Have 5 Million Users

PalmPay, a payments firm focused on Africa, raised a $100 million Series A round last year.

Crunchbase and Tracxn, two websites that track fundraising rounds in startups and private firms around the world, disclose that the round was concluded in August 2021.

PalmPay entered the Nigerian payments industry in June of this year.

For its Series A round, the U.K-based business also received funding from Chinese investors, making it the second-largest of its sort behind unicorn Wave’s $200 million.

Chuangshi Capital, Yunshi Equity Investment Management, Trust Capital, Chengyu Capital, and private equity fund AfricaInvest were among the investors in the round.

PalmPay provides a variety of financial services to both consumers and businesses.

It offers online payment and offline POS-acquiring services to merchants through its PalmPartner app, and it expects to launch digital marketing services soon.

Consumers can take advantage of no-fee payment methods, low-cost transfers, bill payments, reward programs, and discounted airtime.

PalmPay has extended to Ghana since its introduction in Nigeria in 2019.

According to its website, it serves over 5 million customers.

PalmPay’s monthly transaction volume was over $100 million in June 2021, according to certain sources.

In a statement released in 2019, PalmPay stated that it was working to become Africa’s largest financial services platform. That is why it ventured into Ghana.

However, there is still work to be done in order to become the dominant player in a burgeoning mobile payment market.

According to information from its most recent fundraising round, its biggest competitor, SoftBank Vision Fund 2 and Sequoia Capital China-backed OPay, has 8 million users and monthly transaction volumes of over $3 billion.


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Hassan Barakat
Hassan Barakat
Barakat Temitope Hassan is a competent and dedicated Radiographer who is also interested in Tech, Writing and Medical Research.

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