According to several sources familiar with the matter, an African Digital Bank is in talks to collect between $ 50 million and $ 100 million in the series B round.
It is unclear how much he expects to be diagnosed, but his last period, in 2021, was added to the continent’s most valuable startup, which is estimated to be ashamed of just one unicorn.
Although Palmpe refuses to comment on the details of the fundraising, a spokesman said that the six -year -old Fintick “is in a strong financial state and looking for opportunities for growth.”
The company, which has raised about $ 140 million in its seeds and series A rounds, is now profitable, according to those familiar with its financing.
The new capital, which is expected to add both equity and debt, will promote the expansion of Palm Pay: will help deepen its image in Nigeria, to scale its new business concentrate, and to produce both products in new markets in Africa and Asia.
Last month, Palmpe announced that it had killed 15 million transactions daily, which was driven by its 35 million registered users. According to the company, these transactions now increase the price of tens of billions of dollars annually.
The revenue has also increased. According to the Financial Times, Palm Pay’s revenue – Million 64 million – 2023 in 2023 million in 2023.
Launched in 2019, Palm Pay started in Nigeria, the most populous country in Africa and a major fantasy center. At that time, more than half of the adults in the country were disconnected, and the traditional banks were mostly cared for by salaried or formal sector clients, often there are requirements in which large -scale market consumers are excluded.
Palm Paye saw the opportunity to turn this model on his head: Make a digital bank from the beginning, but improve it for the facts of Africa’s informal economy. The company launched an app that includes immediate on -boarding, zero transfer fees, and increasing services (including credit, savings, insurance, and bill payment), which are in line with the requirements of under -bank customers and small businesses.
Significantly, Palm Paye did not fully rely on digital acquisition. Fintick created a vast network of more than 1 million small businesses and agents traders, now serving more than 10 million users monthly through Palm Pay Business app and point -off sales (for cash -in, cash out services).
Other major fantakes in the country, including Open, Moni Point, and PagaThe hybrid model has also been adopted by combining digital apps with physical touch points.
Palm Paye claims to act on more transactions than any traditional bank in Nigeria, and 25 % of its users have reported that it was their first financial account. It claims that for credit products, submitted in partnership with licensed lenders, that number increases by 60 % in lenders.
A portion of the strong distribution and marketing advancement of palm is from its partnership with transit, which dominates the sale of smartphone in Chinese phone maker Africa, with more than 40 % market share in its brands (techno and infennx).
Through partnerships, Palm Pay pre -install its app on selected finished smartphones, which helps to drive user acquisition and engagement.
After establishing itself as one of the most used fantasy apps in the country, Palm Pay is now preparing to copy its model in new markets abroad.
The Nobinking Platform has spread to Tanzania and Bangladesh (its first turn outside Africa), where the device is entering with the financing and consumer credit before laying more services. (Other African Digital Banks, including Fayermoni, MNT-Halan and Time Bank, have extended their financial services in Asia with various degrees of success.)
Its spokesman confirmed that the company also plans to introduce device financing in Nigeria.
While Transicine, which led the pamphic seed goal, is a strategic partner, a company spokesman says Fintick is searching for more original equipment manufacturers (OEMS).
The GIC (Singapore’s Sovereignty Fund Fund) and the world’s largest mobile chapse -maker Medetic are its other investors.
On the side of the business, Palm Paypay offers cross -border payments for businessmen who want to send payment through the same API across Africa, once a repeated pain point (even despite the promise of stable Queens). The company’s spokesman confirmed that the newly launched business feature already operates “hundreds of millions of dollars monthly”.