PalmPay named Africa's fastest-growing fintech

PalmPay has emerged arsenic Africa’s fastest-growing fintech, according to The Financial Times’ annual list of Africa’s fastest-growing companies. The Lagos-based integer concern platform, launched successful 2017, posted gross of $63.9 cardinal successful 2023 and has expanded its workforce to implicit 1,000 employees.

PalmPay’s momentum has carried into 2025. In May, the institution revealed it had processed 15 cardinal regular transactions successful the archetypal fractional of the year. Its idiosyncratic basal has present surpassed 35 million, with the mean idiosyncratic transacting 50 times monthly, underscoring PalmPay’s deepening relation successful users’ mundane fiscal habits.

Among the apical 3 firms successful the FT ranking, PalmPay is the lone 1 with operations successful much than 3 countries.

Currently progressive successful Nigeria and Ghana, the fintech plans to grow into 4 caller markets — Tanzania, Uganda, South Africa, and Côte d’Ivoire. The institution besides reported that its savings merchandise paid retired implicit ₦4 cardinal successful involvement to users past year, arsenic it doubles down connected gathering wealthiness tools for underserved consumers.

PalmPay’s ranking is based connected probe compiled by The Financial Times successful collaboration with information steadfast Statista. To beryllium eligible, companies had to conscionable strict criteria: gross of astatine slightest $100,000 successful 2020 and $1.5 cardinal successful 2023, office successful Africa, and gross maturation chiefly driven by integrated (internal) expansion.

Only autarkic companies (not subsidiaries oregon branches) were considered. All figures were converted to U.S. dollars utilizing yearly mean speech rates, and companies needed to execute a minimum compound yearly maturation complaint (CAGR) of 8% to qualify. Statista besides conducted prime assurance checks, verifying company-reported information and supplementing missing information.

Beyond PalmPay, respective different Nigerian startups made a beardown showing successful the ranking. OmniRetail retained its rubric arsenic Africa’s fastest-growing company overall, generating $120 cardinal successful 2023 revenue. The B2B eCommerce level raised a $20 cardinal Series A round this twelvemonth to substance enlargement crossed West Africa and acquired Traction Apps to bolster its fintech offerings.

Remedial Health, a healthtech level improving pharmaceutical proviso chains, rounded retired the apical three. Other notable Nigerian entries see Termii, a communications API supplier for lawsuit engagement, and newly crowned unicorn Moniepoint, which continues to grow its footprint crossed Nigeria.