When was PalmPay founded?

PalmPay was founded in 2019 and raised its 1st funding round within a year of its incorporation.

Where is PalmPay located?

PalmPay is headquartered in Lagos, Nigeria.

How many employees does PalmPay have?

As of May 31, 2026, the latest employee count at PalmPay is 2512.

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 round, raised on Nov 13, 2019.

When was the latest funding round of PalmPay?

PalmPay's latest funding was a $***** Series A round on Aug 18, 2021, with participation from 5 investors.

Where does PalmPay rank among its competitors?

PalmPay ranks 5th amongst 116 active competitors, of which 12 are funded. It stands 6th in terms of total funding among its competitors. The most recent competitor to raise funding was Moniepoint, which secured $90M in Oct, 2025.

Who are the top competitors of PalmPay?

PalmPay's top competitors include PayU, Flutterwave and Interswitch. Among them, Moniepoint secured the most recent funding round in October, 2025.

PalmPay - 2026 Company Profile, Funding & Competitors

PalmPay is a series A company based in Lagos (Nigeria), founded in 2019. It operates as an App-based and reward-based payments platform for individuals. PalmPay has raised $140M in funding from Chuangshi Capital. The company has 116 active competitors, including 12 funded and 12 that have exited. Its top competitors include companies like PayU, Flutterwave and Interswitch.

Company Details

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.

Website: palmpay.com
Social
Email ID: *****@palmpay.co
Phone Number: +234 **********

Key Metrics

Founded Year

2019

Location

Lagos, Nigeria

Stage

Series A

Total Funding

$140M in 2 rounds

Latest Funding Round

Series A, Aug 18, 2021, $*****

Investors

Chuangshi Capital & 6 more

Ranked

5^th among 116 active competitors

Employee Count

2,512 as on May 31, 2026

Similar Companies

Stripe & 3269 more

View PalmPay's full profile

PalmPay has raised a total funding of $140M over 2 rounds. Its first funding round was on Nov 13, 2019. Its latest funding round was a Series A round on Aug 18, 2021 for $*****. 5 investors participated in its latest round. PalmPay has 7 institutional investors.

Here is the list of recent funding rounds of PalmPay:

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Aug 18, 2021	9763509	Series A	5624208	8301324	6673859	7360565
Nov 13, 2019	3090767	Seed	3984124	3101724	5934259	MediaTek & 1 more

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View details of PalmPay's funding rounds and investors

PalmPay's employee count trend

PalmPay has 2,512 employees as of May 26. Here is PalmPay's employee count trend over the years:

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Top competitors of PalmPay include PayU, Flutterwave and Interswitch. Here is the list of Top 10 competitors of PalmPay, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	PayU 2002, Amsterdam (Netherlands), Series C	Provider of online payment solutions and financial services for businesses	$35.1M	Naspers, Prosus & 5 others	84/100
2nd	Flutterwave 2016, San Francisco (United States), Series D	Provider of payment solutions for online and physical business transactions	$489M	Greycroft, Tiger Global Management & 71 others	83/100
3rd	Interswitch 2002, Lagos (Nigeria), Acquired	Provider of technology solutions facilitating financial services and digital transactions	$310M	Visa, LeapFrog Investments & 6 others	73/100
4th	Network International 1994, Dubai (United Arab Emirates), Acquired	Provides digital payment solutions and merchant services, catering to businesses with fintech support	$539M	General Atlantic, Warburg Pincus & 3 others	72/100
5th	PalmPay 2019, Lagos (Nigeria), Series A	App-based and reward-based payments platform for individuals	$140M	MediaTek, NetEase Games & 5 others	68/100
6th	First Data 1971, Atlanta (United States), Acquired	Payments processing service provider	-	Stone Point Capital, W Capital Partners & 3 others	63/100
7th	Moniepoint 2019, London (United Kingdom), Series C	Provider of integrated financial services for businesses and individuals	$256M	Novastar Ventures, Quantum Capital Partners ... & 20 others	62/100
8th	Equiniti 2002, Lancing (United Kingdom), Acquired	Provider of financial technology and payment processing solutions	-	Strategic Equity Capital, Riverside	60/100
9th	XTransfer 2017, Shanghai (China), Series D	Provider of cross-border trade payment platform for global businesses	$168M	lhcp.com, D1 Capital Partners & 12 others	60/100
10th	UnionPay Intl 2012, Shanghai (China), Funding Raised	Operator of payment network facilitating card and mobile-based transactions	-	SAIF Partners, China Merchants Capital & 11 others	57/100