News Summary

PalmPay, a leading African digital bank fintech, is in discussions to raise between $50 million and $100 million in a Series B funding round. The company, which became profitable after its last funding round in 2021, plans to use the new capital to expand operations in Nigeria, scale its business-focused services, and introduce new products across Africa and Asia. PalmPay, which started in Nigeria in 2019, has grown to become one of the continent’s most valuable startups, known for its innovative approach to serving underbanked populations. The fintech has expanded its services to Tanzania and Bangladesh and plans further expansions into other markets. With a strong partnership with Transsion, PalmPay pre-installs its app on smartphones, significantly boosting user acquisition. The company is also exploring new collaborations with original equipment manufacturers to further its growth trajectory.