PalmPay is a next generation mobile wallet that empowers anyone with a smartphone to open a financial account, send money and make payments.
PalmPay is on a goal to become the largest financial services platform in Africa by expanding to more countries on the continent.
PalmPay was founded in 2018 and is based in Lagos, Nigeria. The has offices in Ghana, Tanzania, Kenya, China, and London.
PalmPay offers different financial services to individual consumers and merchants. It provides merchants, via its PalmPartner app, with online payment and offline POS-acquiring services and plans to introduce digital marketing services soon.
PalmPay serves over 5 million users, with its monthly transaction volume stood at over $100 million as of June 2021. The company has partnerships with Chinese mobile brands Tecno, Infinx and itel, which includes pre-installation of the startup’s app on 20 million phones.
PalmPay is backed by Chuangshi Capital, Yunshi Equity Investment Management, Trust Capital, Chengyu Capital, Transsion, NetEase, MediaTek, AfricaInvest, and others. The company raised $100M in Series A round on Aug 30, 2022. This brings PalmPay's total funding to $140M to date.