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PalmPay logo — Say Yes to More!

PalmPay

Say Yes to More!

Founded 2019 Nigeria Lagos, Nigeria 2753 employees Series A Total: $140.00M Finance, Financial Services +2

General Information

Company Name PalmPay
Founded Year 2019
Location Nigeria Lagos, Nigeria
Employees 2753
Industries Finance, Financial Services, Fintech +1
Funding Stage Series A
Business Model B2C, Embedded Finance, Platform
Revenue Model Transaction Fee, Commission, Usage Based
Social

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Recorded by Bounce Watch from public sources. Every entry below carries the date we observed it, and when we have not looked recently the page says so rather than leaving silence to imply nothing happened.

Growth Metrics Oct 19, 2026

PalmPay reports that 49 million adults remain unbanked in Nigeria, with nearly 80% borrowing and only 9% through formal providers.

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AI Insight

Bounce Watch AI
1 week ago

PalmPay highlights the significant unbanked population in Nigeria, with a vast majority borrowing informally, indicating a substantial market opportunity for formal financial services. Despite their Series A funding from 2021, the emphasis on this persistent market gap, particularly concerning credit access, suggests a continued focus on leveraging their full-stack digital banking and credit offerings to address financial inclusion and formalize borrowing for millions.

Signal Types
Market Opportunity Traction Reporting
Strategic Labels
Market Penetration Financial Inclusion Credit Formalization
Next Move: Scaling
·
Impact: 8/10
·
Ideal For: Fintech VCs — Growth Stage

About PalmPay

PalmPay, with its slogan "Say Yes to More!", is an ambitious player in the Fintech space, focusing on democratizing financial access in high-growth emerging markets. Founded in 2019 and headquartered in Nigeria, this company aims to transform how financial services are accessed and utilized, from basic smartphone ownership to providing a comprehensive full-stack digital banking solution.

Positioned firmly within the Finance, Financial Services, Fintech, and Payments sectors, PalmPay has already made significant strides in a competitive market. The company secured a substantial $100.00M Series A investment on 30 August 2021, which was led by an impressive consortium of investors, including Transsion, Yunshi Capital, Trust Capital, Chuangshi Ziben, Seas Capital, MediaTek, China Creation Ventures (CCV), Changyu Capital, AfricInvest, and Cretrend Capital.

Business keywords: Digital Banking, Economic Empowerment, Financial Inclusion, Emerging Markets, Mobile Payments, User-Friendly Platform, Secure Transactions, Digital Wallet, Banking Technology, Financial Opportunity, Africa-Focused, Tech-Driven Solutions, Economic Growth

Services & Products

Full-stack Digital Banking
Free Transfers
High-Yield Savings Accounts
Credit Services
Bill Payments
Cashback Rewards
Smartphone Installment Plans

Target Customers

Individuals in Emerging Markets First-time Smartphone Owners First-time Loan Recipients Small and Medium Enterprises Merchants and Agents

Funding Rounds & Investors (2)

View All
Funding Stage Amount Investors Lead Investors Date
Series A $100.00M 10
Transsion Yunshi Capital Trust Capital
Transsion, Yunshi Capital +8
30 Aug 2021
Seed Round $40.00M -
13 Nov 2019

PalmPay Alternatives & Competitors

View All Alternatives
PalmPay vs
Branch International
Branch International United States

Delivering world-class financial services to the mobile generation

453 employees
Finance, Financial Services
Compare PalmPay vs Branch International
PalmPay vs
SwyChr Global
SwyChr Global United Kingdom

SwyChr (pronounced "Switcher") empowers smartphone owners globally to send or receive funds, pay or...

Pre-Seed
15 employees
Crypto, Finance
Compare PalmPay vs SwyChr Global
PalmPay vs
FairMoney
FairMoney France

We are rebuilding Africa's Money story!

Series B
1273 employees
Financial Services, Fintech
Also compare with: PalmPay vs Grupo Financiero Banrural Grupo Financiero Banrural View all alternatives

FAQ About PalmPay

Say Yes to More!
PalmPay was founded in 2019.
PalmPay is headquartered in Lagos, Nigeria.
PalmPay operates in Finance, Financial Services, Fintech and Payments. Its work centres on Digital Banking, Economic Empowerment, Financial Inclusion and Emerging Markets. Its customers include Individuals in Emerging Markets, First-time Smartphone Owners and First-time Loan Recipients.
PalmPay has a B2C, Embedded Finance and Platform business model. Its revenue comes from Transaction Fee, Commission and Usage Based.
PalmPay has approximately 2753 employees.
PalmPay has completed 2 funding rounds, raising a total of $140.00M. The latest funding stage is Series A.
PalmPay offers: Full-stack Digital Banking, Free Transfers, High-Yield Savings Accounts, Credit Services, Bill Payments, Cashback Rewards, Smartphone Installment Plans.
Top alternatives and competitors to PalmPay include Branch International, SwyChr Global, FairMoney, Bloom Impact, Women's World Banking. These companies operate in related industries and serve comparable markets. You can compare them side by side on Bounce Watch.
PalmPay and Branch International are both companies in similar industries. Compare their funding, team size, growth signals, and market position on Bounce Watch to see which one fits your needs.

Source: BounceWatch company record for PalmPay, https://bouncewatch.com/company/palmpay, updated 31 October 2026. When citing, please name BounceWatch and link this page.

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