PalmPay Eyes Unicorn Status as It Prepares for $100M Series B to Fuel Africa-Asia Expansion

Africa’s fintech race is far from over, but one contender is sprinting ahead with sharp focus and strategy. PalmPay, the Nigerian-born digital bank, is reportedly in talks to raise between $50 million and $100 million in a Series B funding round—a move that could finally push the platform over the coveted unicorn valuation line.

Having already secured $140 million in previous rounds, PalmPay’s latest raise signals more than just capital acquisition—it reveals a deeper ambition: to entrench its leadership in Nigeria while scaling across Africa and Asia.

Backed by the likes of Transsion Holdings, GIC, and MediaTek, PalmPay is carving a niche that blends scale, profitability, and financial inclusion—at a pace few competitors can match.

From Lagos to Dhaka: A Fintech Scaling on Two Continents

Since its founding in 2019, PalmPay has grown into one of Africa’s most formidable fintechs. It now boasts 35 million users, with 15 million daily transactions, and claims to process more transactions than any traditional Nigerian bank.

This growth is rooted in PalmPay’s decision to target the informal economy—a segment long underserved by legacy banks. Through a hybrid strategy of digital onboarding and over 1.1 million agents and merchants, PalmPay delivers seamless access to credit, savings, and payments for individuals and businesses alike.

Now, the fintech is exporting this model across Africa and Asia. With footprints in Tanzania, Ghana, and Bangladesh, and expansion plans for South Africa, Côte d’Ivoire, Uganda, and Kenya, PalmPay is building a pan-continental super app that could redefine digital banking for the Global South.

Fueling Scale with Profitability: The Numbers Behind the Growth

Unlike many scale-ups that burn capital, PalmPay is a rare profitable African fintech. In 2023, it generated $64 million in revenue—a figure that has more than doubled, according to insiders. This growth story earned PalmPay the top fintech spot on the Financial Times’ 2025 list of Africa’s Fastest-Growing Companies, with a jaw-dropping CAGR of 583.6% between 2020 and 2023.

That kind of momentum makes it an investor’s dream. And with 60% of its borrowers accessing credit for the first time through its platform, PalmPay isn’t just scaling—it’s driving first-time financial inclusion at massive scale.

Strategic Partnerships as the Secret Sauce

PalmPay’s success is no accident. Its strategic partnership with Transsion Holdings, maker of Tecno and Infinix smartphones, has given it unmatched distribution. The fintech’s app comes pre-installed on many devices, accelerating user acquisition in key markets.

Beyond Transsion, PalmPay is exploring new collaborations with other OEMs while deepening its enterprise play. Its cross-border payments service for merchants processes hundreds of millions of dollars monthly, supporting SMEs in Nigeria, Kenya, and Tanzania. South Africa is next.

This B2B expansion, alongside partnerships with Jumia and Dyna.Ai, positions PalmPay as a leader not just in consumer finance—but in powering Africa’s digital economy at large.

Regulatory Hurdles: A Reminder of Fintech Fragility

Still, the journey hasn’t been without friction. In 2024, PalmPay—along with other fintechs—faced a temporary onboarding freeze from Nigeria’s Central Bank, amid concerns over crypto-linked activities. The company weathered the storm, processing over ₦41.5 trillion ($26 billion) in transactions between January and July 2024, proving its resilience.

To navigate future challenges, PalmPay is investing in AI-powered fraud detection, a must-have in a region where fraud losses topped ₦42.6 billion ($28 million) in just one quarter.

A Unicorn in Waiting? More Than Just Valuation

PalmPay’s Series B raise will likely combine equity and debt, helping it deepen device financing in Nigeria and replicate its Asia model. But beyond capital, what’s at stake is category leadership.

As it races towards unicorn status, PalmPay represents a new archetype of African fintech—one that is profitable, inclusive, and transcontinental.

Where earlier waves of startups scaled with hype, PalmPay is scaling with precision. And in doing so, it’s building more than an app—it’s building an ecosystem.

PalmPay as A Standard-Setter

PalmPay’s playbook of hybrid distribution, inclusive credit, strategic OEM partnerships, and cross-border commerce is fast becoming a template for fintech success in emerging markets.

In a continent teeming with potential and pitfalls, PalmPay is proving that scale without sustainability is a mirage—and profitability with purpose is the real prize.

If its Series B comes through as expected, the unicorn badge won’t just be a label. It’ll be confirmation of a vision executed with clarity and courage.