According to several sources familiar with the case, an African Digital Bank Fintech Pampe, the series is interacting to raise between $ 50 million and $ 100 million in B Round.
It is not clear what assessment it expects to achieve, but its final round, in 2021, it was ranked In continent’s most valuable startupsEstimated is only embarrassed by the position of the unicorn.
While Pampe refused to comment on the funding nuances, a spokesperson stated that six -year -old Fintech is “searching for development opportunities in a strong financial position and development opportunities.”
The company, which has raised about $ 140 million during this Seed And Series A The round, now beneficial, according to its finance.
New capital, including both equity and debt, will promote the expansion of Palmpe: deepening its footprint in Nigeria, increasing its new business-focused offer, and rolling out both products in the new markets of Africa and Asia.
Last month, Pampe announced that it had hit 15 million daily transactions operated by 35 million registered users. These transactions now, according to the company, add the annual “tens of billions of dollars” to the price.
Revenue has also increased. According to the Financial Times, Palmpe’s revenue in 2023 – $ 64 million, the company’s financially familiar says more than doubled.
Launched in 2019, Pampe started in Nigeria, the most populous countries of Africa and a major Fintech Hub. At that time, more than half of the country’s adults were unbank, and traditional banks met most salaried or formal-sector customers, often with requirements that excluded mass-market users.
Pampe saw the opportunity to flip that model on its head: Create a digital bank from scratch, but adapt it to the realities of the informal economy of Africa. The company launched an app of immediate onboarding, zero transfer fees, and increasing services of services (including credit, savings, insurance and bill payments), which corresponds to the needs of all weak consumers and small businesses.
Seriously, Pampe did not rely on digital acquisition only. Fintech created a huge on-knot network of more than 1 million small businesses and agents traders, now serving more than 10 million customers through the Palmpe Business App and Point-Off-Cell device (Cash-in, Cash-Out Services).
Other major Fintech in the country, including Opy, MonipointAnd PagaHybrid models have also adopted, Digital apps combination with physical touchpoint,
Palmpe claims to be processed more transactions than any traditional bank in Nigeria, and 25% of its users report that this was their first financial account. For credit products, introduced into partnership with licensed lenders, this number increases by 60% among borrowers, it claims.
Part of Palmpe’s strong distribution and marketing benefits stems from its partnership with transition, Chinese phone manufacturer who dominates smartphone sales in Africa, with a market share of more than 40% in its brands (Tecno and Infinix).
Through the partnership, Pampe pre-installed its app on selected funded smartphones, helping drive user acquisition and engagement.
After establishing itself as one of the most widely used Fintech apps in the country, Pampe is now preparing to repeat its model in new markets abroad.
The neobanking platform has expanded to Tanzania and Bangladesh (its first forest outside Africa), where the Palmpe device is entering with finance and consumer credit, which is in the form of wedges before lying down in more services. (Other African Digital Banks, including Fairmani, Mant And TimankHas expanded its financial services in Asia with a different degree of success.)
The company has also planned to start device financing in Nigeria, its spokesperson confirmed.
While transition, which led Pampe Seed round, A strategic partner remains, the company spokesperson says Fintech is actively searching for cooperation with more original tool manufacturers (OEMs).
GIC (Singapore’s Sovereign Dhan Kosh) and MediaTek, one of the world’s largest mobile chipset manufacturers, are some of its other investors.
On the business-facing side, Palpes provide payments from the border to the border traders who want to send and collect payment to Africa via a single API, a recurring pain point (even with a promise of stabecowin). The company spokesperson confirmed that the newly launched trade facility, which currently lives in Nigeria, Kenya and Tanzania (in the pipeline), already processes “hundreds of millions of dollars monthly”.
