PalmPay to reportedly raise $100M Series B round

 PalmPay is reportedly in the middle of raising between $50 million and $100 million in a fresh Series B round. The fintech hasn’t confirmed the exact numbers yet. But reports show that the talks are definitely happening.

If you’ve been following PalmPay, this doesn’t come as a shock. The Lagos-based company already raised $140 million in previous rounds and was nearly unicorn-level during its last raise in 2021. While the new valuation isn’t public yet, this next step could push it firmly into billion-dollar territory.

Beyond the funding buzz, PalmPay has been busy expanding. It currently operates in Nigeria, Ghana, and recently entered Kenya. By the end of 2025, it plans to move into South Africa, Côte d’Ivoire, Uganda, and Tanzania, where it’s also expected to start offering B2B financial services.

Its growth numbers are eye-catching. As of Q1 2025, PalmPay has over 35 million registered users and handles more than 15 million transactions daily. In 2023, it pulled in $64 million in revenue and more than doubled that in 2024. It also runs a massive agent network with over a million merchants supporting 10 million+ customers each month.

With this latest raise, PalmPay is looking more like a fintech powerhouse, with eyes not just on Africa but parts of Asia too. Whether it hits unicorn status this time or not, it’s clear PalmPay is playing for keeps.

10:14 AM