Published On: Fri, Apr 29th, 2022

PalmPay lifted $100M Series A final August, claims to have 5 million users

Africa-focused payments startup PalmPay lifted a $100 million Series A turn final year. TechCrunch speckled this news in Partech Africa’s latest end-of-year news on try collateral investments in Africa.

Further checks in Crunchbase and Tracxn — platforms that lane appropriation rounds in startups and private companies globally — exhibit that a association sealed a turn in Aug 2021.

PalmPay came into Nigeria’s payments theatre in Jun 2019. Five months later, it launched with a $40 million seed turn — a largest of a kind on a continent — from Chinese investors such as Chinese phone-maker Transsion around a Tecno subsidiary, NetEase and wireless communications hardware organisation Mediatek.

The U.K.-headquartered startup also took income from Chinese investors for a Series A round, a second largest of a kind after unicorn Wave’s $200 million. The investors that participated in a turn embody China-based Chuangshi Capital, Yunshi Equity Investment Management, Trust Capital, Chengyu Capital and private equity account AfricInvest.

PalmPay offers opposite financial services to particular consumers and merchants. It provides merchants, around a PalmPartner app, with online remuneration and offline POS-acquiring services and skeleton to deliver digital selling services soon. There’s a progression of services for consumers that include no-fee remuneration options, low-cost transfers, check payments, rewards programs and ignored airtime.

PalmPay launches in Nigeria on $40M turn led by China’s Transsion

Since a Nigerian launch in 2019, PalmPay has stretched to Ghana, portion over 5 million users, per information on a website. According to some sources, PalmPay monthly transaction volume stood during over $100 million as of Jun 2021. Critical to PalmPay’s growth, during slightest in Nigeria, is a partnership with Chinese mobile brands Tecno, Infinx and itel, that according to TechCrunch’s report, includes pre-installation of a startup’s app on 20 million phones.

PalmPay, in a 2019 statement, pronounced it was operative to turn Africa’s largest financial services platform. That’s because it finished a pull into Ghana. But there stays some-more work to be finished to turn a widespread actor in a mobile remuneration space that is severely heating up. For instance, its categorical competition, SoftBank Vision Fund 2 and Sequoia Capital China-backed OPay, has 8 million users with monthly transaction volumes surpassing $3 billion, per information from a final appropriation round. The unicorn has a participation in Nigeria and Egypt.

This turn was partial of equity mega-rounds that sealed in Africa final year that includes Flutterwave, TymeBank, Chipper Cash, OPay, Andela, Wave, MNT-Halan and JUMO.

More to follow…

African fintech OPay valued during $2B in SoftBank Vision Fund 2-led $400M funding

African tech took core theatre in 2021

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