Transsion joined NetEase and MediaTek to enter the Africa-focused mobile payments arena with a seed investment in mobile wallet app developer PalmPay.
PalmPay, a UK-based mobile payments services provider targeting African markets, has emerged from stealth with $40m in seed funding from investors led by phone manufacturer Transsion, TechCrunch reported on Tuesday.
Transsion participated through its sub-brand Tecno and was joined by internet company NetEase and fabless semiconductor producer MediaTek.
PalmPay offers a smartphone app that acts as a mobile wallet equipped with access to additional financial services including no-fee installment plans, bill payments and loyalty rewards.
The app is now officially…
