| | JUNE 20258African digital bank startup PalmPay is negotiating a Series B deal to raise $50 million to $100 million.Although its target worth is unknown, its most recent round in 2021 placed it among the most valuable firms on the continent, coming in just short of unicorn status.The business is currently profitable after raising close to $140 million in seed and Series A rounds.The additional funding, which is anticipated to consist of both loan and stock, will support PalmPay's growth by expanding its presence in Nigeria, growing its more recent business-oriented product line, and introducing both goods in new African and Asian countries.PalmPay reported last month that its 35 million registered users were responsible for 15 million daily transactions. The corporation claims that the value of these transactions now totals "tens of billions of dollars" every year.Revenue has increased as well. Since then, PalmPay's income has more than doubled, reaching $64 million in 2023, according to reports.PalmPay was first introduced in Nigeria, the most populous country in Africa and a significant engine for fintech, in 2019. Since traditional banks primarily served salaried or formal-sector clients, frequently with restrictions that barred mass-market users, more than half of the nation's adults were unbanked at the time.PalmPay saw a chance to reverse that approach by creating a digital bank from the ground up while tailoring it to the needs of the unorganized sector in Africa.Importantly, PalmPay relied on more than just digital acquisition. Through the PalmPay Business app and point-of-sale devices (for cash-in, cash-out services), the fintech established a massive on-the-ground network of over 1 million small businesses and agent merchants that currently serve over 10 million clients each month.The hybrid strategy, which combines digital apps with physical touchpoints, has also been adopted by other significant fintech companies in the nation, such as OPay, Moniepoint, and Paga. PALMPAY NEGOTIATES SERIES B DEAL TO RAISE $50 MILLION TO $100 MILLIONIN FOCUSWhite House aides have scheduled a call on Friday between President Donald Trump and billionaire Elon Musk in an attempt to de-escalate a bitter, public feud between the two, Politico reported on Thursday. The report appeared to have boosted Tesla shares, which slumped over 14 percent on Thursday as the feud worsened. 24-hour trading data on Robinhood showed Tesla trading up 5 percent at $298.64 after the Politico report. Politico said Trump had projected an "air on nonchalance" over the Musk feud during a brief telephone interview with the outlet.""Oh it's okay... It's going very well, never done better," Trump told Politico. Separately, White House aides had organized a call between the two, scheduled for Friday, after working to temper Trump's public criticism of Musk, Politico reported.An escalating rivalry between Musk and Trump erupted on Thursday, as the two launched personal insults at one another on social media. The conflict seemed to be sparked by Musk's ongoing, severe criticism of a significant tax reduction and spending legislation supported by Trump.The Trump administration supported the bill, which is advancing in Congress, with the U.S. President warning to terminate government contracts given to Musk's firms, particularly SpaceX.Musk responded by claiming connections between Trump and the late disgraced financier Jeffery Epstein.Although Tesla initially gained from Musk's rising influence in the White House, a divide between Musk and Trump risks changing this dynamic, particularly if Trump intensifies policy actions against Musk and the electric vehicle manufacturer. TESLA STOCK INCREASES FOLLOWING REPORTS FROM POLITICOIN FOCUS
< Page 7 | Page 9 >