PalmPay
“Can PalmPay become the dominant full-stack neobank across Africa's emerging markets by bundling payments, credit, cards, and insurance into a single mobile app?”
Founded2019
HQLagos, Nigeria (UK-headquartered parent)
Total raised~$140M (pre-Series B)
Latest roundSeries B in talks ($50M-$100M, 2025)
ValuationJust shy of unicorn at last round (2021)
IndustryFintech / Neobank
The story
PalmPay launched in 2019 as a mobile payments wallet for Nigeria, backed by Transsion (Tecno phones) and NetEase. Over six years it evolved into a full-stack digital neobank across Nigeria, Ghana, Kenya, Uganda, and Tanzania, with expansion into Pakistan, Bangladesh, and the UK. The company is now diversifying beyond P2P transfers and bill payments into embedded insurance (AXA Mansard), credit (Flexi Cash loans), Verve-branded debit cards, and merchant services — positioning itself as one of Nigeria's 'big four' fintechs alongside Moniepoint, Kuda, and Opay.
Last 12 months
Product timeline
2019
Launched in Nigeria with $40M seed round from Transsion and NetEase· banking
2021
Raised $100M Series A· banking
2025
Reported 35M+ registered users and ~1M SME clients· banking
2025
Launched debit card in partnership with Verve· card
2025
Launched in-app insurance via partnership with AXA Mansard and other insurers· pivot
2025
Named one of CNBC/Statista's World's Top 300 Fintechs· banking
Regulated entities
1
regulatory licence held by PalmPay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in PalmPay’s embedded-finance stack
Payments / PSP
PalmPay (self-operated wallet & payments)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Accounting gap: none
5 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.