Africa focused payment startup PalmPay has launched in Nigeria after raising a $40 million seed-round led by Chinese mobile-phone maker Transsion. The investment came via Transsion’s Tecno subsidiary, with participation from China’s NetEase and Taiwanese wireless comms hardware firm Mediatek — a Transsion spokesperson confirmed to TechCrunch. PalmPay had piloted its mobile fintech offering in Nigeria since July, before going live today at a launch in Lagos. The startup aims to become Africa’s largest financial services platform, according to a statement. As part of the investment, PalmPay enters a strategic partnership with mobile brands Tecno, Infinix, and Itel that includes pre-installation of the startup’s app on 20 million phones in 2020. The UK headquartered venture — that was also founded with Chinese seed investment — offers a package of mobile based financial services, including no fee payment options, bill pay, rewards programs, and discounted airtime. In Nigeria, PalmPay will offer 10% cashback on airtime purchases and bank transfer rates as low as 10 Naira ($.02). In addition to Nigeria, PalmPay will use the $40 million seed funding to grow its financial services business in Ghana.