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 Jul 31, 2026, the latest employee count at PalmPay is 2634.

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 6 investors.

Where does PalmPay rank among its competitors?

PalmPay ranks 5th amongst 133 active competitors, of which 15 are funded. It stands 6th in terms of total funding among its competitors. The most recent competitor to raise funding was Flutterwave, which secured an undisclosed amount in Jul, 2026.

Who are the top competitors of PalmPay?

PalmPay's top competitors include PayU, Flutterwave and Interswitch. Among them, Flutterwave secured the most recent funding round in July, 2026.

PalmPay - 2026 Company Profile, Funding & Competitors

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 133 active competitors

Employee Count

2,634 as on Jul 31, 2026

Similar Companies

Stripe & 3338 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 $*****. 6 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	3976422	Series A	1624224	3598310	4970873	3802020
Nov 13, 2019	8248218	Seed	7020524	4138458	8636134	MediaTek & 1 more

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View details of PalmPay's funding rounds and investors

PalmPay's employee count trend

PalmPay has 2,634 employees as of Jul 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	83/100
2nd	Flutterwave 2016, San Francisco (United States), Series E	Provider of payment solutions for online and physical business transactions	$489M	Greycroft, Tiger Global Management & 73 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	72/100
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, HarbourVest Partners ... & 4 others	63/100
7th	Moniepoint 2019, London (United Kingdom), Series C	Provider of integrated financial services for businesses and individuals	$266M	Novastar Ventures, Quantum Capital Partners ... & 22 others	63/100
8th	Worldline 1972, Paris (France), Public	Provider of payment processing solutions for merchants and financial institutions	-	Credit Agricole, Europa	61/100
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	Cleeng 2011, Amsterdam (Netherlands), Series B	Provider of subscriber management system	$7.55M	Walvis, VOCCP & 3 others	58/100