# PalmPay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/palmpay

- Industry: Financial Services
- Headquarters: London, UK
- Website: www.palmpay.co
- Total disclosed funding: $140M
- Latest round: Series A (Feb 3, 2022)
- Investors on record: 8

## About

PalmPay Limited is a fintech company specializing in innovative payment solutions, catering to millions of users through its app that facilitates money transfers, bill payments, and shopping across multiple countries. Founded in 2019, PalmPay Limited operates out of London, UK, providing financial services primarily in Nigeria, Ghana, Tanzania, and the United Kingdom. In June 2025, PalmPay Limited raised USD 50 million in series B funding from unspecified investors. The CEO of PalmPay is Kyai Mullei, whose leadership has been pivotal in the company's growth within the competitive fintech landscape. PalmPay offers a comprehensive suite of financial services designed to empower individuals and businesses with innovative payment solutions. The company's core product, the PalmPay App, facilitates seamless money transfers, bill payments, and shopping capabilities, catering to the diverse needs of over 35 million users across Nigeria, Ghana, Tanzania, and the United Kingdom. The app enables users to send and receive money, pay bills, and shop online, addressing the growing demand for convenient and accessible financial solutions in these markets. Additional offerings include business-oriented services such as account management, payment processing via Point of Sale (POS) systems, and an extensive agent network, which collectively enhance the financial ecosystem for both consumers and businesses. Through these products, PalmPay aims to streamline financial transactions and improve overall user experience in a rapidly evolving digital landscape. PalmPay generates revenue through a multifaceted transaction structure, engaging in direct-to-consumer and B2B partnerships. The company earns fees from financial transactions facilitated by its app, including money transfers and bill payments. Retailers may partner with PalmPay to integrate its payment solutions, leading to additional revenue from transaction processing. Specific pricing plans for products and services are structured to cater to a range of customer needs, including individual users and businesses. PalmPay's flagship services, such as the personal app features and business account management tools, are integral to its revenue model, ensuring a steady stream of income through consistent user engagement and transactions across its operational regions. In June 2025, PalmPay Limited raised USD 50 million in series B funding from unspecified investors. Future product launches are anticipated to include additional financial services tailored to the needs of its growing user base. PalmPay is also targeting expansion into other regions in Africa and beyond, leveraging its recent funding to support these initiatives and enhance its service delivery.

## Funding rounds

- Series A, Feb 3, 2022, $100M — Africinvest, Trust Capital, Genesis Capital, Chengyu Capital, China Enterprise Dingxin Fund
- Seed, Nov 12, 2019, $40M — MediaTek Inc., Sanren Capital, Transsion

## Investors

- MediaTek Inc. — Seed
- Sanren Capital (https://capitalatlas.ai/funds/sanren-capital) — Seed
- Transsion — Seed
- Africinvest (https://capitalatlas.ai/funds/africinvest) — Series A
- Trust Capital (https://capitalatlas.ai/funds/trust-capital) — Series A
- Genesis Capital — Series A
- Chengyu Capital — Series A
- China Enterprise Dingxin Fund (https://capitalatlas.ai/funds/china-enterprise-dingxin-fund) — Series A