Transsnet Financial
“Can a Transsion-distributed neobank become the default financial rails for the next billion smartphone users across Africa and Asia?”
Founded2019
HQLagos, Nigeria
Total raised$140M+ disclosed
Latest roundSeries A, 2024 (~$100M reported)
IndustryFintech / Neobank
The story
PalmPay is a Transsion/NetEase-backed African neobank that launched in Nigeria in 2019 as a mobile wallet distributed via Transsion's Tecno/Infinix/Itel handsets. Over 2020-2025 it broadened from P2P transfers and bill pay into a full-stack digital bank (savings, credit, business tools, Verve-branded debit card) and is now expanding beyond Africa into South and Southeast Asia. The company positions itself as the on-ramp to financial services for first-time smartphone owners in emerging markets.
Last 12 months
Product timeline
2019
PalmPay launches in Nigeria after $40M seed led by Transsion, with NetEase participation.· banking
2025
Surpasses 35M registered users and ~1M SME clients in Nigeria.· banking
2025
Launches debit card in partnership with Verve.· card
2025
Expands into Tanzania, Ghana, Bangladesh, Pakistan, Uganda, Philippines and UK.· pivot
Regulated entities
1
regulatory licence held by Transsnet Financial
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Transsnet Financial’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Accounting gap: none
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.