PalmPay
The financial app that rewards you
What it does
PalmPay was launched in 2019 with major backing from Transsion Holdings and NetEase to deploy payment app services across Africa. Operating under a Mobile Money Operator license in Nigeria, the app offers zero-fee transfers, high-yield daily savings (OKCard), cash rewards, and agency banking terminals. It is widely recognized for massive user growth facilitated by pre-installations on Transsion mobile devices.
paymentsagency-bankingsavingslending
Known for
- Fast-growing digital banking super-app
- Backed by Transsion Holdings & NetEase
- Massive agent network distribution
- Cashback rewards and free peer-to-peer transfers
Model & industry
Marketplace / Aggregator modelAll / Cross-industry
Funding history
$140.0M
Total raised
2
Rounds
Series A
Latest stage
2021
Latest year
| Date | Stage | Amount | Lead investor |
|---|---|---|---|
| 2021-08 | Series A | $100.0M | Chuangshi Capital |
| 2019-11 | Seed | $40.0M | Transsion |
Source: Condia Funding Tracker
Products & subsidiaries
PalmPay Consumer App · Neobank AppPalmPay Business POS · Merchant Acquiring POS