Lagos-based fintech startup, PalmPay, has been named the fastest-growing fintech company in Africa, following its impressive performance in the Financial Times annual ranking. Since launching in 2017, the platform has grown steadily, closing 2023 with a revenue of $63.9 million and scaling its team to more than 1,000 employees.
But 2025 appears to be an even stronger year. By May, PalmPay had hit 15 million daily transactions and now boasts over 35 million users. On average, each user makes around 50 transactions every month — a strong indicator of the platform’s integration into daily life for millions across the continent.
The report, developed in partnership with data firm Statista, considered companies with headquarters in Africa and verified that revenue growth was organic rather than acquisition-led. Only independent businesses — not subsidiaries — were assessed. Companies also needed to have made at least $100,000 in 2020 and $1.5 million in 2023, with a minimum CAGR of 8% to qualify. Statista conducted quality checks and verified the financials submitted.
Wider Reach, Bigger Plans
Among the top three on the FT list, PalmPay stands out as the only one with operations in more than three African countries. It is currently active in Nigeria, Ghana, and Kenya, but there’s more expansion on the horizon. Before 2025 ends, PalmPay aims to enter four additional markets: Tanzania, Uganda, South Africa, and Côte d’Ivoire.
The company is also investing heavily in wealth-building tools for its users. Its savings feature alone paid out over ₦4 billion in interest last year, a bold move to attract more financially underserved users across its active markets.
While PalmPay leads in fintech, it wasn’t the only Nigerian startup to make waves on this year’s list. OmniRetail retained its crown as Africa’s fastest-growing company overall, with $120 million in revenue in 2023. The B2B eCommerce firm recently raised $20 million in Series A funding and acquired Traction Apps to support its fintech growth.
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