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.

Topics:  china s netease   taiwanese   mediatek   lagos   itel   the uk   naira   central bank   that s   weetracker   vc   chippercash   paga   interswitch    on   tecno s   ethiopia   shanghai ipo   september   chinese ipo   vodaphone s   m-pesa   millicom s   latin   america    i ve    palmpay s   opera s   lori systems   palmpay   nigeria   chinese   transsion   tecno   in   china s   techcrunch   july   africa s   it   ghana   palmpay ceo greg   reeve   africa   african   ceo   palmpay s   visa   africa    led   million   startup   mobile   products   largest   company   strategic   services   partnership   payment   payments   space   big   confirmed   focused   seed-round   access   top   spokesperson   launch   startups   network   channel   support   wallet   offer   market   based   plans   airtime   world   share   unbanked   venture   seller   phones   multiple   seed   enters   

 

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