PalmPay, a fintech company focused on payments across Nigeria and other African markets, is in talks to raise US$200 million at a valuation of more than US$1 billion, according to people familiar with the matter.

The company is also considering a Hong Kong initial public offering (IPO), although discussions on a listing remain ongoing and the size, timing, and valuation have not been finalized, the people said.

PalmPay previously raised about US$140 million, with its last round closing in 2021, according to PitchBook.

Its backers include Shenzhen Transsion Holdings Co., smartphone maker Transsion, chipmaker MediaTek, and GIC, Singapore’s sovereign wealth fund.

The company said it has about 40 million users, mostly in Nigeria.

In company disclosures, PalmPay said Hong Kong is the base for its operations across markets, and a 2025 company release said it launched in Nigeria in 2019 under a Mobile Money Operator license.

According to a 2025 company release, PalmPay processes up to 15 million transactions a day and works with more than 1 million agents and merchant partners in Nigeria.

🔗 Source: Bloomberg