Latest news with #PalmPay
Zawya
22-07-2025
- Business
- Zawya
From Africa to the world: PalmPay breaks into top 300 fintech companies
In a world where financial inclusion remains one of the greatest hurdles to economic growth, PalmPay is turning the tide. The Africa-focused neobank has once again been named among the 2025 Top 300 Fintech Companies in the World by CNBC and Statista — a nod to its rising influence in shaping digital finance across emerging markets. This marks the second consecutive year that PalmPay has earned a place on the prestigious list, which recognises the world's most innovative and impactful fintech firms. The 2025 ranking was based on a rigorous evaluation of thousands of companies worldwide, assessing key metrics such as growth, innovation, market penetration, and societal impact. Alongside global leaders like Revolut, Nubank, and Ant Group, PalmPay's inclusion underscores the growing influence of emerging-market fintechs on the global stage. Source: Supplied. With more than 35 million registered users and up to 15 million transactions processed daily, PalmPay is gaining traction as one of Africa's fastest-growing digital financial platforms. The company offers a comprehensive suite of consumer and business-facing services, including transfers, bill payments, credit, savings, insurance, and merchant solutions — all delivered via an intuitive mobile app supported by a robust agent and merchant network of over 1 million partners. Trusted, inclusive, expanding In its flagship market of Nigeria, PalmPay operates as a full-service neobank, serving both individuals and businesses. Through a combination of deep local distribution and customer-centric innovation, the platform has become a trusted tool for everyday financial transactions, bridging access gaps in underserved communities. 'To be recognised as one of the world's top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,' said Sofia Zab, founding chief marketing officer at PalmPay. 'Through cutting-edge technology, deep local distribution, and a customer-first mindset, we've built Nigeria's leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.' As part of its broader expansion strategy, PalmPay recently launched operations in Tanzania and Bangladesh through a smartphone device financing model, which serves as a digital entry point for financially underserved users. The company is also scaling its POS and API-based B2B solutions, aimed at small merchants and enterprise clients in need of reliable payment infrastructure. 'PalmPay is building a neobanking platform tailored to the realities of emerging markets,' said Jiapei Yan, Group Chief Commercial Officer at PalmPay. 'We are creating the infrastructure for a connected digital economy — where people and businesses can thrive through reliable, inclusive financial tools. This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.' Growth, reach, recognition PalmPay's recognition by CNBC and Statista follows another major accolade earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times – Africa's Fastest-Growing Companies 2025 list. This ranking, based on revenue growth from 2020 to 2023, reinforces PalmPay's momentum as one of the continent's fintech frontrunners. Currently active in Nigeria, Ghana, Tanzania, and Bangladesh, PalmPay continues to expand its footprint across Africa and Asia, with a focus on device financing, digital banking, and merchant solutions. Backed by a partnership-led approach and a scalable tech platform, the company is poised to shape the next chapter of inclusive financial growth in high-potential markets around the world. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Business Insider
20-07-2025
- Business
- Business Insider
10 African Fintech companies named among World's top 300
Ten African fintech companies have been named among the world's top 300 Fintechs in 2025 by CNBC and Statista highlighting the continent's growing influence in global financial innovation, despite a decline in global investment. Ten African fintech companies are recognized among the world's top 300 fintechs in 2025 Highlighted categories include digital payments, assets, banking, financing, and wealth technology. Companies like OPay, PalmPay, and Interswitch exemplify progress in payments, while Tala and M-KOPA innovate financing solutions. The list, spanning seven categories, including digital payments, digital assets, enterprise fintech, Insurtech, wealth technology, neobanking, and alternative financing, highlights significant shifts in the financial technology landscape. The selection process was based on key performance indicators such as revenue growth, user acquisition, product innovation, and market expansion. Notably, global fintech investment dropped by 20% in 2024 to $95.6 billion, a seven-year low, according to KPMG's Pulse of Fintech report. Nonetheless, African fintechs continue to thrive, driving financial inclusion, transforming payment systems, and expanding digital lending across the continent, particularly in markets where traditional banking services are limited. The 10 African fintechs: S/N Company Country Category 1 OPay Nigeria Payment 2 PalmPay Nigeria Payment 3 Moniepoint Nigeria/Uk Payment 4 Interswitch Nigeria Payment 5 MyFawry Egypt Payment 6 PayMob Egypt Payment 7 Yoco South Africa Payment 8 PiggyVest Nigeria Wealth technology 9 M-KOPA Kenya/UK Alternative Financing 10 Tala Kenya Alternative Financing Africa's Fintech Powerhouses Spanning four regions, West, East, North, and Southern Africa; the selected companies reflect the diversity and resilience of African fintech innovation: OPay (Payments): With over 60 million users, OPay operates a comprehensive super-app offering mobile payments, loans, and merchant services. Its valuation rose significantly in 2024, bringing it close to the $3 billion mark. Recently the fintech company was awarded Fintech Company of the Year in Nigeria, and was also shortlisted by the World Economic Forum as a "Global Disruptor in Emerging Markets". PalmPay: (Payment) a leading payment platform has witnessed remarkable growth, serving 35 million users and processing 15 million daily transactions in Q1 2025. It is set to enter new markets, including Côte d'Ivoire, South Africa, Uganda, and Tanzania, after being named on the Financial Times' Africa's Fastest-Growing Companies list in 2024. Interswitch: (Payment) With over two decades of experience in digital payments, Interswitch has established itself as a veteran in the industry. The company has issued over 85 million Verve cards and maintains a strong cross-border presence. Its reputation Interswitch's dominance in the market was further recognized when it was named among Africa's Top 10 Most Valuable Brands in 2024 by Brand Africa. Moniepoint: (payment) formerly TeamApt, has achieved unicorn status after securing $110 million in funding from prominent investors, including Google and Visa. Its remarkable growth earned it recognition as Africa's Fastest-Growing Fintech in the Financial Times' 2024 list of Africa's Fastest Growing Companies. PiggyVest (Wealth Technology): The only African fintech named in the wealth technology segment, PiggyVest has served over 7 million users and facilitated ₦2 trillion in savings and investments since its launch in 2016. PiggyVest won Best Digital Savings Platform at the 2024 African Fintech Awards Expanding Across Africa Beyond Nigeria, fintechs in Egypt, Kenya, and South Africa also earned spots: MyFawry: (Payments): A consumer-facing platform recorded over $121.6 million in revenue in 2024, with 47% of its growth driven by digital banking services. The platform operates over 372,000 POS terminals. was named Best Consumer Fintech App at the 2024 Egypt Fintech Innovation Awards. Paymob (Payments): Serving over 350,000 merchants, Paymob raised $22 million in 2024 to scale fintech infrastructure across North Africa and beyond. Recognised by Forbes Middle East as one of the Top 20 Fintech Startups to Watch in MENA, P M-KOPA (Alternative Financing): Known for its pay-as-you-go smartphones and asset financing, M-KOPA now operates in five countries with 7 million customers. was given the Financial Inclusion Award at the 2024 Africa Fintech Summit. Tala: (Alternative Financing): With $360 million in total funding, Tala has revolutionised microloans using smartphone data and now serves over 8 million users. named one of Fast Company's Most Innovative Companies in 2024 Yoco: (Payments): South Africa's leading POS fintech, Yoco, won Best SME Enabler at the 2024 African Fintech Forum. Known for its low-cost POS devices, Yoco serves over 200,000 SMEs. It has raised $107 million to date, including an $83 million Series C round in 2021. Africa's Fintech Future The inclusion of these African startups on a global stage affirms the continent's fintech momentum despite headwinds. While Western markets grapple with investor fatigue, African startups are solving real-world problems, financial access, inclusion, and trust, at scale.
Zawya
18-07-2025
- Business
- Zawya
PalmPay Named One of the World's Top 300 Fintech Companies of 2025 by Consumer News and Business Channel (CNBC) & Statista
PalmPay ( a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista's 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world's most innovative and impactful financial technology firms. The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact. This year's list includes a mix of global leaders - including Revolut, Nubank and Ant Group - alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay. PalmPay's inclusion reflects its continued momentum as one of Africa's leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities. In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance - all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients. 'To be recognised as one of the world's top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,' said Sofia Zab, Founding Chief Marketing Officer at PalmPay. 'Through cutting-edge technology, deep local distribution, and a customer-first mindset, we've built Nigeria's leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.' As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services. 'PalmPay is building a neobanking platform tailored to the realities of emerging markets,' said Jiapei Yan, Group Chief Commercial Officer at PalmPay. 'We are creating the infrastructure for a connected digital economy - where people and businesses can thrive through reliable, inclusive financial tools. This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.' PalmPay's inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times - Africa's Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay's rapid scale and market traction across Africa. PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth. Distributed by APO Group on behalf of PalmPay. About PalmPay: PalmPay is a leading neobank and fintech platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money. PalmPay offers a comprehensive range of products, including mobile payments, credit, savings and micro-insurance via its app and mobile money agent network. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh. For more information, visit
Business Insider
30-06-2025
- Business
- Business Insider
Buy a house or start a business: which comes first?
If you have savings and you're debating whether to buy a house or start a business, you're facing one of the most defining decisions of your financial life. For most people, this choice can shape both personal wealth and legacy. The security, equity, and a hedge against inflation offered by a home can often clash with the opportunities that come with starting a business. So what's right for you then? Because more than ever, the choice between two no-brainers could also mean the difference between surviving and thriving. Let's lay the facts! Africa's Real Estate Market Is Big, Growing, and Underutilised Africa's total real estate value is expected to reach $17.64 trillion by 2025, and with a growth rate of 6% annually, we could be looking at over $18.7 trillion by 2029. When we compare this to the previous two or so decades, that's a lot of wealth being built in bricks and mortar, especially in urban centres. Great Investment Zones Cities like Abidjan, Dar es Salaam, and Accra are showing strong rental returns, only rivalled by Penrith. These range between 8 to 12% as these regions are fast becoming real estate magnets for both domestic and foreign investors. Still an Untapped Market Despite its size, Africa only attracted 0.15% of global real estate investment in 2023, which is roughly $1 billion out of $684 billion. This low penetration highlights a major opportunity and reflects infrastructure bottlenecks that the bold and informed can use to their advantage. SMEs Are the Backbone A great example of this is in Nigeria, where SMEs make up 96% of all businesses and employ 76% of the workforce. These SME's contribute nearly half the GDP across sub-Saharan Africa while creating about 80% of new jobs and representing almost 40% of the economy. To put it simply, they are the lifeblood of economic growth and innovation. A Financing Gap Here's the issue: there's a $330 billion annual funding shortfall for African SMEs. Women-owned businesses face a $42 billion gap on their own. Even with global funding programs, most SMEs still struggle to access capital. Traditional banks often shy away from startups, which pushes many entrepreneurs to rely on informal lenders or family savings. Where To Look? Fintech is booming, and firms like Moniepoint, PalmPay, and Paga are growing at over 60% annually. Agritech, clean energy, logistics, and e-commerce are also promising sectors with lower entry barriers and high demand. Why Buying a Home First Can Make Sense You Build Equity Automatically The Penrith Floor Plan is proof that with prices rising 5-8% each year, owning a home builds wealth in the presence of rising inflation. It's also proof you're not just paying for shelter, but growing an asset over time. You Can Use It as Leverage Real estate works as collateral. Owning property can help you qualify for lower-interest business loans or even equity loans to start something new. In markets where credit access is tight, this can be a powerful financial tool. Mental Peace Matters A stable home removes worries about rent increases or surprise relocations. That mental bandwidth can help you focus more on your goals. And if you plan to start a business later, that peace of mind is priceless. Things to Watch Out For Homes aren't easy to sell in a pinch. Liquidity is a challenge. Property costs don't stop at the sale; there's upkeep, taxes, and utilities. Your money might grow faster in a startup than in property, depending on the timing. Local zoning laws and title deed issues can delay your investment. Pro Tip: If you're buying in a rising area, even a small or modest home can yield strong returns in a few years, especially if infrastructure projects are underway nearby. Why Starting a Business First Might Be Smarter Big Rewards African startups, especially in tech, have delivered insane returns. A few have hit $1 billion valuations in less than 10 years. If you catch a trend early, your returns could be massive. Think Flutterwave, Andela, or Wave. This kind of upside is rare in property. You Can Move Fast A digital business doesn't need land or heavy infrastructure. It can adapt quickly, scale faster, and cross borders with less friction. With tools like mobile payments, cloud storage, and remote teams, even small startups can become regional players. You Help Others, Too Businesses create jobs, spark innovation, and stimulate entire communities. There's a social impact baked into the journey. Some founders even go on to mentor or fund the next generation of entrepreneurs. But Know the Risks That 45% of startups fail in the first five years. Currency swings, inflation, and new policies can hit your margins. 94% of African SMEs are informal and often don't qualify for bank loans or grants. Burnout is real, especially if you don't have a financial cushion. What's The Verdict? We've laid out the upside and downsides, so the question is, what comes first? If stability, slow-and-steady wealth, and peace of mind top your list, buying a house might be your best bet. However
TechCrunch
05-06-2025
- Business
- TechCrunch
Profitable African fintech PalmPay is in talks to raise as much as $100M
PalmPay, an African digital bank fintech, is in talks to raise between $50 million and $100 million in a Series B round, according to multiple sources familiar with the matter. It's unclear what valuation it hopes to get, but its last round, in 2021, ranked it among the continent's most valuable startups, estimated just shy of unicorn status. While PalmPay declined to comment on fundraising specifics, a spokesperson said the six-year-old fintech is 'in a strong financial position and exploring growth opportunities.' The company, which has raised nearly $140 million across its seed and Series A rounds, is now profitable, according to people familiar with its finances. The new capital, expected to include both equity and debt, will fuel PalmPay's expansion: deepening its footprint in Nigeria, scaling its newer business-focused offering, and rolling out both products in new markets across Africa and Asia. Last month, PalmPay announced it had hit 15 million daily transactions, driven by its 35 million registered users. These transactions now add up to 'tens of billions of dollars' annually in value, according to the company. Revenue has also surged. PalmPay's revenue — $64 million in 2023, according to the Financial Times — has more than doubled since, people familiar with the company's financials say. Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW Launched in 2019, PalmPay started out in Nigeria, Africa's most populous country and a major fintech hub. At the time, over half of adults in the country were unbanked, and traditional banks catered mostly to salaried or formal-sector clients, often with requirements that excluded mass-market users. PalmPay saw an opportunity to flip that model on its head: build a digital bank from scratch, but optimize it for the realities of Africa's informal economy. The company launched an app featuring instant onboarding, zero transfer fees, and a growing suite of services (including credit, savings, insurance, and bill payments) all tailored to the needs of underbanked consumers and small businesses. Crucially, PalmPay didn't rely solely on digital acquisition. The fintech built a vast on-the-ground network of over 1 million small businesses and agent merchants, who now serve more than 10 million customers monthly through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services). Other major fintechs in the country, including OPay, Moniepoint, and Paga, have also adopted the hybrid model, combining digital apps with physical touchpoints. PalmPay claims to process more transactions than any traditional bank in Nigeria, and 25% of its users report that it was their first-ever financial account. For credit products, offered in partnership with licensed lenders, that number jumps to 60% among borrowers, it claims. Part of PalmPay's strong distribution and marketing advantage stems from its partnership with Transsion, the Chinese phone maker that dominates smartphone sales in Africa, with a market share of over 40% across its brands (Tecno and Infinix). Through the partnership, PalmPay pre-installs its app on select financed smartphones, helping drive user acquisition and engagement. Having established itself as one of the most widely used fintech apps in the country, PalmPay is now preparing to replicate its model in new markets abroad. The neobanking platform has expanded to Tanzania and Bangladesh (its first foray outside Africa), where PalmPay is entering with device financing and consumer credit as wedges before layering in more services. (Other African digital banks, including FairMoney, MNT-Halan and TymeBank, have expanded their financial services into Asia with varying degrees of success.) The company also plans to introduce device financing in Nigeria, its spokesperson confirmed. While Transsion, which led PalmPay's seed round, remains a strategic partner, the company's spokesperson says the fintech is actively exploring collaborations with more original equipment manufacturers (OEMs). GIC (Singapore's sovereign wealth fund) and Mediatek, one of the world's largest mobile chipset makers, are some of its other investors. On the business-facing side, PalmPay offers cross-border payments for merchants who want to send and collect payments across Africa via a single API, a recurring pain point (even with the promise of stablecoins). This newly launched business feature already processes 'hundreds of millions of dollars monthly,' the company's spokesperson confirmed.
