PalmPay launches in Nigeria on $40M round led by China’s Transsion
Thursday, November 14, 2019
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)