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PalmPay | Company profile, Business Model, and Operations

Recieved Funding?
Not Sure
Type of Funding
Series A Funding, Seed funding, Accelerator/Incubator
Number of Funding Phases
5
Business Type
Private Company

All you need to know about PalmPay

About Us

PalmPay is a digital payment app that makes paying and withdrawing money easy. It offers low fees, fast transfers, and convenient payment options. In most cases, it's possible to withdraw money from PalmPay without any charges. 

PalmPay develops a secure, digital payment experience to promote financial inclusion and enhance consumer experiences. The company improves its users' digital payment experiences by offering financial account creation, money transfers, bill payments, and instant access to credit services. 

Our History

The app was first released in September 2018, according to information on Google Play. But a pilot phase was launched in July 2019 after the company secured a mobile money operator license from the Central Bank of Nigeria (CBN). It officially became available to Nigerian users in November 2019.

The company raised $40 million in seed funding in November 2019. Tecno, a subsidiary of Chinese phone maker, Transsion Holdings, led the round. Two Asian behemoths, NetEase (China) and MediaTek (Taiwan) also participated in the round.

The PalmPay service is available in Nigeria and Ghana. It has plans to expand to two more African countries by the end of 2020.

In the tight Nigerian fintech market, PalmPay has an edge. It has the leadership, the network, investors, and the funding that could make it a success. It is spending heavily on marketing and is giving huge discounts as it tries to capture market share.

Our Vision

To drive financial inclusion and improve the number of Nigeria's unbanked 

Our Mission

To empower individuals, foster innovation, and drive positive change through financial technology.

Our Core Values

  • Customer First
  • Striving for Excellence
  • One Team, One Dream
  • Open Communication
  • Think Globally, Act Locally
  • Taking Ownership of the Result

Our Services

PalmPay is a popular mobile payment platform. It lets you send money, buy airtime, and carry out other transactions using your mobile phone. You get rewards as PalmPoints which can be redeemed or saved for later use.

PalmPay also has a USSD code feature that allows you to do transactions even without the internet.

Peer-to-peer transactions by PalmPay users are free, while bank transfers cost ₦10. The platform also supports bill payments, airtime purchases as well as movie and event ticket sales.

Our Business Model

While it supports fund transfers and charges are included, PalmPay is also a sort of business payment aggregator. It is gradually onboarding merchants and businesses, allowing the customers of these businesses to make payments using the PalmPay app.

Related Topics


Industry

Iyinoluwa Aboyeji
Chika Nwosu

PalmPay
Business Model

The Company major services and product include: Fintech

The Company was Founded
The Company was established on
July 9, 2019
HeadQuarters
The Company has its Operational Headquarters at 20 Opebi Road, Ikeja, Lagos, Lagos State 101233
Industry
The Company is contributing to the development of the Industry FinTech
Staff Strength since Inception
The Company prides in her team member of about 501 - 1000 active members

PalmPay Business Model

The Company major services and product include: Fintech

Not Sure
Have they recieved Funding from VCs
Not Sure
Have they recieved Funding from VCs
Not Sure
How many number of Funding rounds?
0—600m
Company Net worth as of 2023

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