PalmPay is reportedly in advanced talks to raise between $50M and $100M in a Series B round, possibly making it Africa’s next fintech unicorn.
With 35M+ users and operations expanding across Africa, the profitable firm is poised to disrupt digital finance with scale, speed, and innovation.
According to reports, PalmPay, a well-known fintech company in Africa, is in advanced negotiations to raise $50 million to $100 million in a new Series B funding round. Although the company has not confirmed the figures, industry insiders suggest negotiations are actively ongoing, potentially positioning PalmPay as one of the continent’s next fintech unicorns.
PalmPay, headquartered in Lagos, Nigeria, has already raised $140 million in previous rounds with backing from global tech giants like Transsion and MediaTek. The current fundraising effort could significantly boost its valuation beyond the billion-dollar mark, especially as the company pushes deeper into new markets and expands its product offerings.
Expansion plans across Africa
PalmPay has been on an aggressive expansion trajectory. It currently operates in Nigeria and Ghana and recently launched in Kenya. Before the end of 2025, the fintech also intends to enter four more markets: Tanzania, Uganda, Côte d’Ivoire, and South Africa.These moves are not just about presence; PalmPay is expected to roll out B2B financial services, complementing its robust consumer-facing ecosystem.
Surging user base and transactions
PalmPay’s numbers highlight its rapid growth. As of Q1 2025, the company boasts over 35 million registered users and facilitates more than 15 million daily transactions. In 2023, it reported $64 million in revenue and more than doubled that figure in 2024. Its agent network also stands out, with over 1 million merchants catering to more than 10 million customers each month.
What the new funding Will power
While PalmPay has not disclosed specific use cases for the upcoming Series B funds, sources suggest the capital will go toward expanding in existing and new markets, developing new fintech products, and enhancing infrastructure to support its growing user base. The firm is also eyeing deeper engagement in mobile banking, credit solutions, and merchant services.
Profitable and gaining ground
Unlike many of its peers, still burning cash, PalmPay is reportedly profitable, giving it a unique edge in Africa’s competitive fintech landscape. Competitors such as OPay, Moniepoint, and FairMoney will need to take note as PalmPay continues to scale across the continent with both operational efficiency and market momentum.
If successful, the funding round will not only enhance PalmPay’s capabilities but could also redefine the benchmarks for innovation, profitability, and scalability in Africa’s digital financial services sector.
