Hello guys! In this article, we are going to be discussing PalmPay Funding in Nigeria, it net worth and current valuation in 2024. PalmPay is a mobile money operator in Nigeria. It's one of the leading fintech companies that dominate the Nigerian financial market.
PalmPay, launched in 2018, is a next-generation mobile wallet that allows users with smartphones to open financial accounts, send money, make payments seamlessly and get instant personal loan. As of 2024, the company employs between 1,001 and 5,000 people, operating primarily from its headquarters in Lagos, Nigeria.
Since inception in 2019, PalmPay has secured two funding rounds; $40 million seed round in 2019 and $100 million series A funding round in 2021. These funding efforts have significantly contributed to PalmPay's expansion and user growth, particularly in Nigeria and Ghana, where it has claimed over 5 million users.
The $40 million in a seed round was led by Chinese investors, including Transsion Holdings, which is the parent company of smartphone brands Tecno, Infinix, and Itel. This initial funding helped PalmPay launch and expand its services in Nigeria and Ghana.
However, PalmPay later secured an additional $100 million in a Series A funding round in 2021. This round was again led by investors linked to Transsion Holdings, alongside other Chinese investors. The funds were intended to scale its operations, enhance its technology, and expand its customer base across Africa.
As of now, PalmPay has raised approximately $140 million in total funding.
PalmPay Net Worth and Valuation in 2024
As of 2024, PalmPay's net worth is estimated to be between $400 million and $600 million. This estimate, based on Dealroom.co data from February 2022, highlights the company's growth and its $140 million in total funding, though updated figures for 2024 are not available.
In addition, PalmPay exact market capitalization, valuation and net debt figures are not publicly available, PalmPay's enterprise valuation is estimated to be between $400 million and $600 million, according to the Dealroom.co estimates from February 2022.
