PalmPay reportedly closed 2021 inventory with a hundred million dollars Series A deal to accelerate past startup-hood. The UK-based startup fintech company completed the Series A round in the previous August.7
PalmPay sells different types of digi4tised financial services but prioritizes processing electronic payments as its flagship product. The startup payment platform serves African socio-economic development per innovative cross-border instant money transfer and other cashback rewards. PalmPay fintech services is exclusive for regular owners of smartphones, regardless of a Sci-Fi intelligence.
Several venture capitalists had PalmPay listed as their AUM per the sequel rounds of seeds they invested. PalmPay gained the limelight after it launched a payment service in Nigeria. The Nigerian fintech market influenced PalmPay’s business surge since its 2019 debut in Africa’s commercial zone.
At the time PalmPay rounded up $40m seed within a five-month timeline. Several Chinese venture capitalists invested seeds in PalmPay Nigeria. The Series A round is viral as a piece of discrete news. Still, PalmPay disclosed that Series A raised $100m and rounded up in August 2021.
PalmPay’s fundraising round experienced more of the Chinese-equity seed, especially the previous Chinese capitalists, including, Yunshi Equity Investment Management, Chengyu Capital, Chuangshi Capital, Trust Capital, etc. The previous $40m deal bought PalmPay Nigeria high-end hardware to process instant payment.
PalmPay is set to multiply its financial options with additional ad marketing alongside cashback, rewards, discounts, airtime, bill payment, wallets, and real-time point-of-sale service. PalmPay’s POS has served Africa’s underserved populations.