About PalmPay
PalmPay is a company based in Lagos (Nigeria) founded in 2019.. PalmPay has raised $140 million across 2 funding rounds from investors including NetEase Games, MediaTek and Chuangshi Capital. PalmPay operates in a competitive market with competitors including Flutterwave, PayU, Interswitch, Network International and Moniepoint, among others.
- Headquarter Lagos, Nigeria
-
Sectors
Financial Services
-
Email
***********
-
Phone
*********
-
Website
*********
-
Social
*********
-
Annual Revenue
-
Net Profit
-
EBITDA
-
Total Equity Funding
$140 M (USD)
in 2 rounds
-
Latest Funding Round
$100 M (USD), Series A
Aug 18, 2021
-
Investors
NetEase Games
& 5 more
-
Employee Count
Employee Count
Unlock complete access to The Company Check
Get unrestricted viewing across everything we track — from companies and brands to investors, funding rounds, acquisitions, financials, and more.
- Unlimited viewing on all profiles Companies, investors, financials, funding, acquisitions & directors
- Full access to every database India & global coverage, advanced filters and rich profile details
- Always-on access from your team account Single premium plan for everything you see on the portal
Unlock access to complete
Funding Insights of PalmPay
PalmPay has successfully raised a total of $140M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $100 million completed in August 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 2
- Last Round Series A — $100.0M
-
First Round
First Round
(13 Nov 2019)
- Investors Count 6
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Aug, 2021 | Amount | Series A - PalmPay | Valuation | Chuangshi Capital | |
| Nov, 2019 | Amount | Seed - PalmPay | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in PalmPay
PalmPay has secured backing from 6 investors, including venture fund and institutional investors. Prominent investors backing the company include NetEase Games, MediaTek and Chuangshi Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
-
|
Founded Year | Domain | Location | |
|
-
|
Founded Year | Domain | Location | |
|
Operates as an asset management firm specializing in equity investments.
|
Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
|
Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
|
Founded Year | Domain | Location | |
|
Startup ecosystems are ignited through strategic investments by Signite Partners.
|
Founded Year | Domain | Location | |
|
Venture capital is directed toward companies in multiple sectors.
|
Founded Year | Domain | Location | |
|
Venture capital is invested in cybersecurity, fintech, and AI startups.
|
Founded Year | Domain | Location |
Investments & Acquisitions by PalmPay
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
|
Bionic investment advisor platform
|
2016 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 | ||||
|
Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
|
2014 | ||||
|
Fine Asian gourmet food is offered by an internet-first restaurant.
|
2016 |
Financial Statements - PalmPay
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
|
| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Palmpay Comparisons
Competitors of PalmPay
PalmPay operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Flutterwave, PayU, Interswitch, Network International and Moniepoint, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Provider of payment processing solutions for businesses
|
|
| domain | founded_year | HQ Location |
Online payment processing and credit solutions are provided for businesses.
|
|
| domain | founded_year | HQ Location |
Payment solutions are provided for consumers and businesses across sectors.
|
|
| domain | founded_year | HQ Location |
Network International is recognized as a leading digital payment provider in the Middle East and Africa.
|
|
| domain | founded_year | HQ Location |
Integrated financial services are provided for businesses and individuals.
|
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
|
|
| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
|
|
| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
|
|
| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
|
Latest news on Palmpay
Frequently Asked Questions about PalmPay
When was PalmPay founded?
PalmPay was founded in 2019.
Where is PalmPay located?
PalmPay is headquartered in Lagos, Nigeria. It is registered at Lagos, Lagos State, Nigeria.
Who is the current CEO of PalmPay?
Chika Nwosu is the current CEO of PalmPay.
Is PalmPay a funded company?
PalmPay is a funded company, having raised a total of $140M across 2 funding rounds to date. The company's 1st funding round was a Seed of $40M, raised on Nov 13, 2019.
What does PalmPay do?
App-based and reward-based payments platform for individuals. The platform lets users send cash between friends and paying for airtime, bills and more lets users earn rewards for that. Users can earn PalmPoints and coupons as they spend and use them to discount their transactions. The app is available on both Android and iOS platforms.
Who are the top competitors of PalmPay?
PalmPay's top competitors include PayU, Flutterwave and Network International.
Who are PalmPay's investors?
PalmPay has 6 investors. Key investors include NetEase Games, MediaTek, Chuangshi Capital, Yunshi Equity Investment Management, and Seas Capital.
Book a demo & talk to our team
Share a few details and we’ll reach out to schedule a session.