Photo/Tan Yuhan (NBD)

Palm Pay, a mobile payment startup focusing on Africa, has received seed round funding of 40 million U.S. dollars from China's Transsion and NetEase. The fund will be used to grow financial services in Nigeria and Ghana, as well as expansion to other African countries.

Handset maker Transsion has the biggest market share in Africa, and as part of the deal, Palm Pay will be pres-installed on Tecno, Infinix, and Itel, which are all cellphone brands under Transsion. (TechCrunch)