PalmPay is one of the most popular mobile money service (MMS) providers Nigeria. The fintech company offers mobile money wallet to individual and businesses to carryout financial services such as money transfer, bill payment, mobile top up, point of sales (POS) services and many others.
Launched in November 2019 after raising a $40 million seed round -the largest of its kind in Africa- led by the mobile-phone maker, Transsion. Recently, Palmpay celebrated 25Million users on it mobile banking app which is a huge achievement in it journey.
Not just that, the company also used the celebration to appreciate 500,000 mobile money agents and 300,000 merchants in its payments ecosystem. The fintech business strategy of offering safe, user-friendly, and inclusive financial services is demonstrated by its remarkable growth within just four years of its market entry in Nigeria.
In this article, we’ll unveils PalmPay’s market valuation, funding rounds and it investors. Hence, let’s delve into analysing PalmPay net worth and market valuation.
PalmPay Net Worth
According to Dealroom, PalmPay has engaged in three (3) fundraising since its inception, and they’re;
1. Incubator and Accelerator: Seed Funding in 2019 which accounted for $40 millions and led by Media Tek Venture, Net Ease Capital and Transsion.
2. The second fundraising was Series A Funding in 2021 which accounted for $100 millions. It was led by MediaTek, China Creation Ventures CCV, TRANSSION and Seas Capital.
3. Another $100 millions fundraising, second Serie A, was raised in February 2022 and it investors are AfricInvest, Trust Capital, Chuangshi Capital, Yunshi Equity Investment Management and Chengyu Capital.
In addition, PalmPay accounted for total funding of $240 millions by 2022. However, in 2021, PalmPay revenue was estimated to $33.4 millions which is by 149% higher than 2019. By 2022, its revenue was estimated to $13.4 millions.
In general, and according to firm valuation of 2022, PalmPay Net Worth is estimated to $400 to $600 millions. Meanwhile, no net debt is recorded for the fintech company.
FAQs: PalmPay Net Worth
What is PalmPay’s current net worth?
PalmPay’s current net worth can vary and is subject to change based on its financial performance, investments, and market conditions. You can check this article for latest financial reports for this information.
How does PalmPay generate its revenue?
PalmPay likely generates revenue through various channels, such as transaction fees, commissions on financial services, partnerships, and advertising within its app.
What are the key factors influencing PalmPay’s net worth?
Key factors influencing PalmPay’s net worth can include user adoption, transaction volume, competition, regulatory changes, and the overall economic climate in the regions it operates. Detailed analysis would require access to current financial data and market trends.
Is PalmPay publicly traded on the stock market?
No, PalmPay doesn’t currently trade stock. However, you can check stock exchange listings or the company’s website for information on its stock trading status.
What is PalmPay’s market capitalization?
PalmPay’s market capitalization is the total value of its outstanding shares of stock, which can change daily if the company is publicly traded. Check stock market listings or financial websites for the most current data.
How has PalmPay’s net worth changed over the years?
To track changes in PalmPay’s net worth over the years, you would need to review their annual reports and financial statements for historical data.
Can I find PalmPay’s financial reports or earnings statements online?
Yes, you can usually find PalmPay’s financial reports and earnings statements on their official website or in financial news outlets. Furthermore, this article will keep updating for PalmPay Net Worth.
Who are the founders and investors of PalmPay?
PalmPay was co-founded by Chinese company Transsion Holdings as well as the Taiwanese company NetEase. Latest investors in its $100 millions Series A Funding includes AfricInvest, Trust Capital, Chuangshi Capital, Yunshi Equity Investment Management and Chengyu Capital.
What is the valuation of PalmPay in recent funding rounds?
The valuation of PalmPay in its recent funding was $100millions.
Is PalmPay a profitable company?
Yes, PalmPay is a profitable financial institution. The fintech company recently announced it 25Millions Users on it mobile banking app, plus 500,000 mobile money agents and 300,000 merchants in its payments ecosystem.
Conclusion
PalmPay Net worth 2023 will be unveils by the end of the year. In the main time, do know that the analysis highlighted in this article is a details from previous years market valuations, revenues and fundings.
However, we’ll keep this article up to date to get the latest PalmPay net worth, market values, fundings and revenues. Currently, the fintech firm is having upto 5000 employees, and it’s headquartered in Lagos, Nigeria.
PalmPay is owned and managed by Transsnet, a venture capital formed by NetEase and Transsion Holdings to run PalmPay LTD Business.
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