PalmPay confirms fundraising talks as expansion plans target Africa and Asia

Palmpay, a leading fintech headquartered in Lagos, Nigeria, is reportedly in advanced talks to raise between $50 million and $100 million in a new  Series B funding round.

At the last round in 2021, it was close to being conferred the unicorn status as it ranked among Africa’s most valuable startups. The exact valuation after this series B round is not yet known.

Palmpay has not made an official statement on the fundraising specifics. However, someone close to the company has confirmed that these talks are indeed ongoing. 

The company has successfully raised  $140 million across its seed and Series A rounds.

This development aligns with Condia’s earlier reporting of PalmPay’s strategic plan to grow its footprint beyond Africa into select Asian markets. The fintech already has operations in Nigeria and Ghana, and recently expanded into Kenya. It now plans to enter South Africa, Côte d’Ivoire, Uganda, and Tanzania by the end of 2025. In Tanzania, PalmPay is expected to launch B2B services, signalling a broader pivot toward enterprise financial solutions.

With over 35 million registered users and more than 15 million daily transactions as of Q1 2025, PalmPay has shown remarkable momentum. In 2023, the company claimed to have generated $64 million in revenue and more than twice that figure in 2024. Its hybrid strategy, combining digital products with an agent network of over 1 million merchants, supports more than 10 million customers monthly.