Thursday
November 14
2019

PalmPay launches in Nigeria on $40M round led by China’s Transsion

Africa-focused payment startup PalmPay has launched in Nigeria after raising a $40 million seed round led by Chinese mobile-phone maker Transsion.

The investment came via Transsion’s Tecno subsidiary, with participation from China’s NetEase and wireless comms hardware firm Mediatek — a Transsion spokesperson confirmed to TechCrunch.

PalmPay had piloted its mobile fintech offering in Nigeria since July, before going live today at a launch in Lagos.

The startup aims to become Africa’s largest financial services platform, according to a statement.

As part of the investment, PalmPay enters a strategic partnership with mobile brands Tecno, Infinix and Itel that includes pre-installation of the startup’s app on 20 million phones in 2020.

 

Source: TechCrunch (link opens in a new window)

Categories
Technology
Tags
financial innovation, financial services, fintech, investment