PalmPay, an African digital bank fintech, is in talks to raise between $50 million and $100 million in a Series B round, according to multiple sources familiar with the matter.
It’s unclear what valuation it hopes to get, but its last round, in 2021, ranked it among the continent’s most valuable startups, estimated just shy of unicorn status.
While PalmPay declined to comment on fundraising specifics, a spokesperson said the six-year-old fintech is “in a strong financial position and exploring growth opportunities.”
The company, which has raised nearly $140 million across its seed and Series A rounds, is now profitable, according to people familiar with its finances.
The new capital, expected to include both equity and debt, will fuel PalmPay’s expansion: deepening its footprint in Nigeria, scaling its newer business-focused offering, and rolling out both products in new markets across Africa and Asia.
Last month, PalmPay announced it had hit 15 million daily transactions, driven by its 35 million registered users. These transactions now add up to “tens of billions of dollars” annually in value, according to the company.
Revenue has also surged. PalmPay’s revenue — $64 million in 2023, according to the Financial Times — has more than doubled since, people familiar with the company’s financials say.
Launched in 2019, PalmPay started out in Nigeria, Africa’s most populous country and a major fintech hub. At the time, over half of adults in the country were unbanked, and traditional banks catered mostly to salaried or formal-sector clients, often with requirements that excluded mass-market users.
PalmPay saw an opportunity to flip that model on its head: build a digital bank from scratch, but optimize it for the realities of Africa’s informal economy. The company launched an app featuring instant onboarding, zero transfer fees, and a growing suite of services (including credit, savings, insurance, and bill payments) all tailored to the needs of underbanked consumers and small businesses.
Crucially, PalmPay didn’t rely solely on digital acquisition. The fintech built a vast on-the-ground network of over 1 million small businesses and agent merchants, who now serve more than 10 million customers monthly through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services).
Other major fintechs in the country, including OPay, Moniepoint, and Paga, have also adopted the hybrid model, combining digital apps with physical touchpoints.
PalmPay claims to process more transactions than any traditional bank in Nigeria, and 25% of its users report that it was their first-ever financial account. For credit products, offered in partnership with licensed lenders, that number jumps to 60% among borrowers, it claims.
Part of PalmPay’s strong distribution and marketing advantage stems from its partnership with Transsion, the Chinese phone maker that dominates smartphone sales in Africa, with a market share of over 40% across its brands (Tecno and Infinix).
Through the partnership, PalmPay pre-installs its app on select financed smartphones, helping drive user acquisition and engagement.
Having established itself as one of the most widely used fintech apps in the country, PalmPay is now preparing to replicate its model in new markets abroad.
The neobanking platform has expanded to Tanzania and Bangladesh (its first foray outside Africa), where PalmPay is entering with device financing and consumer credit as wedges before layering in more services. (Other African digital banks, including FairMoney, MNT-Halan and TymeBank, have expanded their financial services into Asia with varying degrees of success.)
The company also plans to introduce device financing in Nigeria, its spokesperson confirmed.
While Transsion, which led PalmPay’s seed round, remains a strategic partner, the company’s spokesperson says the fintech is actively exploring collaborations with more original equipment manufacturers (OEMs).
GIC (Singapore’s sovereign wealth fund) and Mediatek, one of the world’s largest mobile chipset makers, are some of its other investors.
On the business-facing side, PalmPay offers cross-border payments for merchants who want to send and collect payments across Africa via a single API, a recurring pain point (even with the promise of stablecoins). This newly launched business feature already processes “hundreds of millions of dollars monthly,” the company’s spokesperson confirmed.
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#Profitable #African #fintech #PalmPay #talks #raise #100M
![Scientists Found a Continent-Sized Geological Structure Hiding Beneath Antarctica
The East Antarctic Ice Sheet is almost unfathomably huge. Covering about 75% of the entire frigid continent (nearly everything on its side of the Transantarctic Mountains), the sheet covers about 3.9 million square miles (10.2 million square kilometers) and extends down 1.4 miles (2.2 km), on average, before coming into contact with Earth’s surface. At its deepest, the ice plunges down over 3 miles (4.9 km). For decades, scientists assumed that this literally continent-sized block of ice rested on an expansive and stable chunk of Earth’s crust known as a craton. A team of researchers has now complicated that picture—mapping a vast, interconnected geological structure that fans out from a troubling “tectonic deformation.” Beneath this ice sheet, thinner and more geologically recent slices of crusty lithosphere fan out into hidden valleys called “pull-apart basins.” These basins—30 elongated wedge-shaped valleys in total—constitute an entirely new, continental-scale geological region underneath Antarctica, in fact, one which the researchers have named the East Antarctic Fan-Shaped Basin Province (EAFBP). But it’s how they likely formed that has now caught researchers’ attention.
To put it bluntly, it turns out that about 90% of the planet’s fresh water ice may not be on solid ground. Geologist John Goodge called the team’s findings “provocative” in an independent commentary on the new study, published Thursday in the journal Nature Geoscience.
“East Antarctica is typically considered from seismic tomography and geodetics to be ancient and generally stable,” according to Goodge, who studies continental tectonics with the nonprofit Planetary Science Institute. “[But] something else is going on at depth.” Continental divides Goodge speculates that this seemingly “coherent pull-apart system,” as presented in the new study, might help explain a variety of mysterious heat and water flows beneath this ice sheet’s surface, like that enormous subglacial lake identified in 2016 or some of the hundreds more like it.
The study’s authors, led by geophysicist Egidio Armadillo at the University of Genoa in Italy, agreed: “Because these basins underlie about half of the East Antarctic Ice Sheet, they are likely to heavily influence both ice-flow and landscape evolution,” the researchers wrote in their study, also published Thursday in Nature Geoscience. Armadillo’s team, coordinating across Europe and the U.K., developed their new understanding of Antarctica’s hidden bedrock via an exhaustive set of sensory data. Gravitational and magnetic anomalies were mapped via low-altitude airborne surveys. Ground surface features were mapped with seismic tools, using sound waves that vibrate through the ice and ping back information about subglacial landscapes in 3D. The grey, magenta, and cyan lines represent the apparent new fault lines discovered. Credit: Nature Geoscience All of this data—the fruits of “multi-national efforts to image within and below the ice sheet,” as Goodge put it—had already revealed that regions of the continent were “undergoing more rapid movement and ice-mass loss than previously recognized.” Armadillo’s team merely helped to explain why.
The mechanism Armadillo and his colleagues proposed for the formation of these fan-shaped basins is called “distributed rotational extension.” It involves points called Euler poles around which tectonic plates pivot or rotate rather than smash into each other or pull apart. The result is a bit like decks of cards being spread out on a table, thinning out the stack of Earth’s crust as it moves. An icy situation Goodge took pains to spell out the basins’ implications for melting Antarctic ice due to climate change and the risk of rising global sea levels.
The mere existence of these basins, he wrote, “could introduce widespread, systemic instability to the East Antarctic Ice Sheet” via thinner layers of Earth’s crust and more heat flow from below. On top of that, a series of fault-line “troughs” documented between the basins appear “tailor-made to promote outward flow of ice streams from the interior” into the world’s oceans, he said. That said, the team’s findings are unlikely to end this debate. As Goodge noted, Antarctica is “the last continental frontier of scientific exploration.” It’s still a very mysterious place, one that’s challenging to study given its inhospitable temperatures and extreme geography. Its “cryptic subglacial geology” might stay that way for a while. #Scientists #ContinentSized #Geological #Structure #Hiding #Beneath #AntarcticaAntarctica,Geology,mapping,Plate tectonics](https://gizmodo.com/app/uploads/2026/06/East-Antarctic-Fan-shaped-Basin-Province.jpeg "Scientists Found a Continent-Sized Geological Structure Hiding Beneath Antarctica
The East Antarctic Ice Sheet is almost unfathomably huge. Covering about 75% of the entire frigid continent (nearly everything on its side of the Transantarctic Mountains), the sheet covers about 3.9 million square miles (10.2 million square kilometers) and extends down 1.4 miles (2.2 km), on average, before coming into contact with Earth’s surface. At its deepest, the ice plunges down over 3 miles (4.9 km). For decades, scientists assumed that this literally continent-sized block of ice rested on an expansive and stable chunk of Earth’s crust known as a craton. A team of researchers has now complicated that picture—mapping a vast, interconnected geological structure that fans out from a troubling “tectonic deformation.” Beneath this ice sheet, thinner and more geologically recent slices of crusty lithosphere fan out into hidden valleys called “pull-apart basins.” These basins—30 elongated wedge-shaped valleys in total—constitute an entirely new, continental-scale geological region underneath Antarctica, in fact, one which the researchers have named the East Antarctic Fan-Shaped Basin Province (EAFBP). But it’s how they likely formed that has now caught researchers’ attention.
To put it bluntly, it turns out that about 90% of the planet’s fresh water ice may not be on solid ground. Geologist John Goodge called the team’s findings “provocative” in an independent commentary on the new study, published Thursday in the journal Nature Geoscience.
“East Antarctica is typically considered from seismic tomography and geodetics to be ancient and generally stable,” according to Goodge, who studies continental tectonics with the nonprofit Planetary Science Institute. “[But] something else is going on at depth.” Continental divides Goodge speculates that this seemingly “coherent pull-apart system,” as presented in the new study, might help explain a variety of mysterious heat and water flows beneath this ice sheet’s surface, like that enormous subglacial lake identified in 2016 or some of the hundreds more like it.
The study’s authors, led by geophysicist Egidio Armadillo at the University of Genoa in Italy, agreed: “Because these basins underlie about half of the East Antarctic Ice Sheet, they are likely to heavily influence both ice-flow and landscape evolution,” the researchers wrote in their study, also published Thursday in Nature Geoscience. Armadillo’s team, coordinating across Europe and the U.K., developed their new understanding of Antarctica’s hidden bedrock via an exhaustive set of sensory data. Gravitational and magnetic anomalies were mapped via low-altitude airborne surveys. Ground surface features were mapped with seismic tools, using sound waves that vibrate through the ice and ping back information about subglacial landscapes in 3D. The grey, magenta, and cyan lines represent the apparent new fault lines discovered. Credit: Nature Geoscience All of this data—the fruits of “multi-national efforts to image within and below the ice sheet,” as Goodge put it—had already revealed that regions of the continent were “undergoing more rapid movement and ice-mass loss than previously recognized.” Armadillo’s team merely helped to explain why.
The mechanism Armadillo and his colleagues proposed for the formation of these fan-shaped basins is called “distributed rotational extension.” It involves points called Euler poles around which tectonic plates pivot or rotate rather than smash into each other or pull apart. The result is a bit like decks of cards being spread out on a table, thinning out the stack of Earth’s crust as it moves. An icy situation Goodge took pains to spell out the basins’ implications for melting Antarctic ice due to climate change and the risk of rising global sea levels.
The mere existence of these basins, he wrote, “could introduce widespread, systemic instability to the East Antarctic Ice Sheet” via thinner layers of Earth’s crust and more heat flow from below. On top of that, a series of fault-line “troughs” documented between the basins appear “tailor-made to promote outward flow of ice streams from the interior” into the world’s oceans, he said. That said, the team’s findings are unlikely to end this debate. As Goodge noted, Antarctica is “the last continental frontier of scientific exploration.” It’s still a very mysterious place, one that’s challenging to study given its inhospitable temperatures and extreme geography. Its “cryptic subglacial geology” might stay that way for a while. #Scientists #ContinentSized #Geological #Structure #Hiding #Beneath #AntarcticaAntarctica,Geology,mapping,Plate tectonics")
![Scientists Found a Continent-Sized Geological Structure Hiding Beneath Antarctica
The East Antarctic Ice Sheet is almost unfathomably huge. Covering about 75% of the entire frigid continent (nearly everything on its side of the Transantarctic Mountains), the sheet covers about 3.9 million square miles (10.2 million square kilometers) and extends down 1.4 miles (2.2 km), on average, before coming into contact with Earth’s surface. At its deepest, the ice plunges down over 3 miles (4.9 km). For decades, scientists assumed that this literally continent-sized block of ice rested on an expansive and stable chunk of Earth’s crust known as a craton. A team of researchers has now complicated that picture—mapping a vast, interconnected geological structure that fans out from a troubling “tectonic deformation.” Beneath this ice sheet, thinner and more geologically recent slices of crusty lithosphere fan out into hidden valleys called “pull-apart basins.” These basins—30 elongated wedge-shaped valleys in total—constitute an entirely new, continental-scale geological region underneath Antarctica, in fact, one which the researchers have named the East Antarctic Fan-Shaped Basin Province (EAFBP). But it’s how they likely formed that has now caught researchers’ attention.
To put it bluntly, it turns out that about 90% of the planet’s fresh water ice may not be on solid ground. Geologist John Goodge called the team’s findings “provocative” in an independent commentary on the new study, published Thursday in the journal Nature Geoscience.
“East Antarctica is typically considered from seismic tomography and geodetics to be ancient and generally stable,” according to Goodge, who studies continental tectonics with the nonprofit Planetary Science Institute. “[But] something else is going on at depth.” Continental divides Goodge speculates that this seemingly “coherent pull-apart system,” as presented in the new study, might help explain a variety of mysterious heat and water flows beneath this ice sheet’s surface, like that enormous subglacial lake identified in 2016 or some of the hundreds more like it.
The study’s authors, led by geophysicist Egidio Armadillo at the University of Genoa in Italy, agreed: “Because these basins underlie about half of the East Antarctic Ice Sheet, they are likely to heavily influence both ice-flow and landscape evolution,” the researchers wrote in their study, also published Thursday in Nature Geoscience. Armadillo’s team, coordinating across Europe and the U.K., developed their new understanding of Antarctica’s hidden bedrock via an exhaustive set of sensory data. Gravitational and magnetic anomalies were mapped via low-altitude airborne surveys. Ground surface features were mapped with seismic tools, using sound waves that vibrate through the ice and ping back information about subglacial landscapes in 3D. The grey, magenta, and cyan lines represent the apparent new fault lines discovered. Credit: Nature Geoscience All of this data—the fruits of “multi-national efforts to image within and below the ice sheet,” as Goodge put it—had already revealed that regions of the continent were “undergoing more rapid movement and ice-mass loss than previously recognized.” Armadillo’s team merely helped to explain why.
The mechanism Armadillo and his colleagues proposed for the formation of these fan-shaped basins is called “distributed rotational extension.” It involves points called Euler poles around which tectonic plates pivot or rotate rather than smash into each other or pull apart. The result is a bit like decks of cards being spread out on a table, thinning out the stack of Earth’s crust as it moves. An icy situation Goodge took pains to spell out the basins’ implications for melting Antarctic ice due to climate change and the risk of rising global sea levels.
The mere existence of these basins, he wrote, “could introduce widespread, systemic instability to the East Antarctic Ice Sheet” via thinner layers of Earth’s crust and more heat flow from below. On top of that, a series of fault-line “troughs” documented between the basins appear “tailor-made to promote outward flow of ice streams from the interior” into the world’s oceans, he said. That said, the team’s findings are unlikely to end this debate. As Goodge noted, Antarctica is “the last continental frontier of scientific exploration.” It’s still a very mysterious place, one that’s challenging to study given its inhospitable temperatures and extreme geography. Its “cryptic subglacial geology” might stay that way for a while. #Scientists #ContinentSized #Geological #Structure #Hiding #Beneath #AntarcticaAntarctica,Geology,mapping,Plate tectonics](https://i0.wp.com/gizmodo.com/app/uploads/2026/06/East-Antarctic-Fan-shaped-Basin-Province.jpeg?ssl=1 "Scientists Found a Continent-Sized Geological Structure Hiding Beneath Antarctica
The East Antarctic Ice Sheet is almost unfathomably huge. Covering about 75% of the entire frigid continent (nearly everything on its side of the Transantarctic Mountains), the sheet covers about 3.9 million square miles (10.2 million square kilometers) and extends down 1.4 miles (2.2 km), on average, before coming into contact with Earth’s surface. At its deepest, the ice plunges down over 3 miles (4.9 km). For decades, scientists assumed that this literally continent-sized block of ice rested on an expansive and stable chunk of Earth’s crust known as a craton. A team of researchers has now complicated that picture—mapping a vast, interconnected geological structure that fans out from a troubling “tectonic deformation.” Beneath this ice sheet, thinner and more geologically recent slices of crusty lithosphere fan out into hidden valleys called “pull-apart basins.” These basins—30 elongated wedge-shaped valleys in total—constitute an entirely new, continental-scale geological region underneath Antarctica, in fact, one which the researchers have named the East Antarctic Fan-Shaped Basin Province (EAFBP). But it’s how they likely formed that has now caught researchers’ attention.
To put it bluntly, it turns out that about 90% of the planet’s fresh water ice may not be on solid ground. Geologist John Goodge called the team’s findings “provocative” in an independent commentary on the new study, published Thursday in the journal Nature Geoscience.
“East Antarctica is typically considered from seismic tomography and geodetics to be ancient and generally stable,” according to Goodge, who studies continental tectonics with the nonprofit Planetary Science Institute. “[But] something else is going on at depth.” Continental divides Goodge speculates that this seemingly “coherent pull-apart system,” as presented in the new study, might help explain a variety of mysterious heat and water flows beneath this ice sheet’s surface, like that enormous subglacial lake identified in 2016 or some of the hundreds more like it.
The study’s authors, led by geophysicist Egidio Armadillo at the University of Genoa in Italy, agreed: “Because these basins underlie about half of the East Antarctic Ice Sheet, they are likely to heavily influence both ice-flow and landscape evolution,” the researchers wrote in their study, also published Thursday in Nature Geoscience. Armadillo’s team, coordinating across Europe and the U.K., developed their new understanding of Antarctica’s hidden bedrock via an exhaustive set of sensory data. Gravitational and magnetic anomalies were mapped via low-altitude airborne surveys. Ground surface features were mapped with seismic tools, using sound waves that vibrate through the ice and ping back information about subglacial landscapes in 3D. The grey, magenta, and cyan lines represent the apparent new fault lines discovered. Credit: Nature Geoscience All of this data—the fruits of “multi-national efforts to image within and below the ice sheet,” as Goodge put it—had already revealed that regions of the continent were “undergoing more rapid movement and ice-mass loss than previously recognized.” Armadillo’s team merely helped to explain why.
The mechanism Armadillo and his colleagues proposed for the formation of these fan-shaped basins is called “distributed rotational extension.” It involves points called Euler poles around which tectonic plates pivot or rotate rather than smash into each other or pull apart. The result is a bit like decks of cards being spread out on a table, thinning out the stack of Earth’s crust as it moves. An icy situation Goodge took pains to spell out the basins’ implications for melting Antarctic ice due to climate change and the risk of rising global sea levels.
The mere existence of these basins, he wrote, “could introduce widespread, systemic instability to the East Antarctic Ice Sheet” via thinner layers of Earth’s crust and more heat flow from below. On top of that, a series of fault-line “troughs” documented between the basins appear “tailor-made to promote outward flow of ice streams from the interior” into the world’s oceans, he said. That said, the team’s findings are unlikely to end this debate. As Goodge noted, Antarctica is “the last continental frontier of scientific exploration.” It’s still a very mysterious place, one that’s challenging to study given its inhospitable temperatures and extreme geography. Its “cryptic subglacial geology” might stay that way for a while. #Scientists #ContinentSized #Geological #Structure #Hiding #Beneath #AntarcticaAntarctica,Geology,mapping,Plate tectonics")
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