PalmPay raised $ 100 MN series A last August, claims to have 5 million users
- ByStartupStory | February 4, 2022
Africa- based payments start up PalmPay has risen a $ 100 million series A round last years.
Tech crunch dappled this news in Partech Africa’s recent end of the year analysis on venture capital investments.
Further more, the checks in Crunch base and Tracxn — platforms that keep a pathway of funding rounds in start ups and private companies across the globe— reveal that the company closed the round in August 2021.
Palm pay joined into Nigeria’s payments scene in June 2019.
Five months later, it casts with a $ 40 million seed round— the highest of its sort on the continent — from Chinese investors such as Chinese phone- maker Transsion via its tecno subsidiary, Net Ease and wireless communication hardware firm Mediatek.
The U.K head quartered start up also took money from Chinese investors for its series A round, the highest of its kind after Unicorn Wave’s $ 200 million.
The new investors that joined the round namely, China- focused Chaungshi Capital, Yunshi Equity Investments Management, Trust capital, Chengyu Capital and private equity fund Africa invest.
Palm pay offers diverse financial facilities to the individual consumers and merchants.
It furnishes merchants, via its Palm partners app, with online payment and offline POS- attaining facilities, and aims to introduce digital marketing services soon.
There’s a diapson of facilities for customers that consist of no – fee payments options, low cost transfers, bill payments, rewards program and discounted airtime.
Palm pay casts in Nigeria on $ 40 M round led by China’s transition.
Since its Nigerian casts in 2019.
Palm pay has extended to Ghana, offering over 5 million users, per information on its website.
As the sources show, Palm pay monthly transactions volume stood at over $ 100 MN as of June 2021.
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