PALMPAY HR
“Can a mobile-money neobank close the financial-inclusion gap across Africa and emerging Asia by bundling payments, agent banking, and device financing?”
Founded2019
HQIkeja, Lagos, Nigeria
Total raised$140M
Latest roundSeries A, August 2021 ($100M)
IndustryFintech / Neobank
The story
PalmPay launched in 2019 as a Nigerian mobile-money and consumer fintech, then rapidly scaled across Africa and into South/Southeast Asia (Tanzania, Bangladesh, Pakistan). It has expanded beyond digital wallet and P2P into merchant acquiring (POS/cards), agent banking, and smartphone financing — moving toward a full consumer neobank + SMB payments platform for underserved emerging markets.
Product timeline
2019
PalmPay founded in Lagos, Nigeria as a mobile money / fintech platform.· banking
2021
Raised $100M Series A, claims 5 million users.· banking
2025
Expanded smartphone financing pilot to Bangladesh with Bangladesh Bank approval; also active in Tanzania and Nigeria.· lending
Regulated entities
1
regulatory licence held by PALMPAY HR
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
Same company
PALMPAY HR was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
3 layers disclosed in PALMPAY HR’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: none
2 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.