African Fintech PalmPay Eyes $100 Million Raise with 35M Users; Karim Jouini Launches AI Startup Thunder Code with $9M Funding

Karim Jouini, a prominent African entrepreneur known for selling the Tunis-born fintech Expensya for over $120 million in 2023, has launched a new artificial intelligence startup called Thunder Code. The company, which focuses on generative AI testing, has already secured $9 million in funding. Meanwhile, African fintech PalmPay is in advanced talks to raise between $50 million and $100 million to support its continental expansion plans. PalmPay, which is profitable and processes 15 million daily transactions, has over 35 million registered users and generated $64 million in revenue in 2023, more than doubling its previous figures. The company has previously raised over $140 million from investors including Transsion and other Chinese firms and aims to become a "super app" for banking services in Africa and beyond.