Investment Summary

Africinvest Invests In Palmpay

On August 1, 2021, growth capital firm Africinvest invested in internet software and services company Palmpay

Investment Highlights
  • This is Africinvest’s 1st transaction in the Internet Software and Services sector.
  • This is Africinvest’s 3rd transaction in Nigeria.

Investment Summary
Date 2021-08-01
Target Palmpay
Sector Internet Software and Services
Investor(s) Africinvest
Deal Type Venture

Target

Palmpay

Lagos, Nigeria
Palmpay is a mobile money platform “super app” connecting financial institutions, e-wallets and merchants into one ecosystem. The Company’s state-of-the-art technological architecture is powered by a payment aggregator that promises reliability to millions of online and offline consumers and merchants. With PalmPay, users are offered one reliable application for all e-wallets, bank accounts and MNOs, with payment aggregation features that enables bill and peer to peer payments. Palmpay is based in Lagos, Nigeria.

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Investor(S) 1

Investor

Africinvest

Tunis, Tunisia

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1994
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Africinvest is a private equity firm focused on growth investments in African companies. The Firm generally targets minority investments in small to medium-sized companies, but Africinvest will consider select majority situations. Africinvest does not have any sector preferences and looks to hold for 4 to 6 years. Africinvest was formed in 1994 and is headquartered in Tunis, Tunisia.

DEAL STATS #
Overall 41 of 54
Sector (Internet Software and Services) 1 of 2
Type (Venture) 7 of 9
Country (Nigeria) 3 of 6
Year (2021) 3 of 8
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