PalmPay UK posts £21.3m loss after writing off £3.65m loan

PalmPay (UK) Limited recorded a £21.34m loss before tax in 2025, as investment impairments alongside a £3.65 million loan write-off weighed on its financial results.

PalmPay’s UK holding company has reported a £21,343,014 loss before tax for the full year 2025, after writing off a £3.65 million loan. Its revenue fell ~9.1% (£49,169) to £489,409 from £538,578 in 2024.

PalmPay (UK) Limited reported a profit of £21,409 in 2024, but the company was forced to absorb a massive £18,376,487 asset depreciation. This served as the primary driver behind the entity’s multi-million-pound bottom-line deficit.

Its latest filing with the UK’s Companies House on September 18, 2026, gives insights into the investments and financial decisions that form the fintech’s international corporate structure.

A holding company behind PalmPay’s wider structure

The UK entity, previously known as Transsnet Payment Limited before August 2025, was incorporated in December 2017.

It operates as a holding company and is different from its Nigerian entity, whose public profile is built around digital payments and financial services for consumers and businesses in Africa.

For its full-year 2025 report, PalmPay (UK) Limited posted investments valued at £25.29 million, down from £40.11 million a year earlier. While the company’s called-up share capital stood at £41.82 million, the 2025 heavy write-downs and accumulated losses dragged its total shareholders’ funds (net assets) down to £11.86 million, a sharp drop from £33.20 million in 2024.

The loan write-off

PalmPay UK suffered a massive £22 million loss after two of its closely linked business ventures, Dexintec and Giraffetech, failed to return revenue.

PalmPay’s operational ecosystem relied heavily on Dexintec, which was brought in to power its micro-lending operations, credit scoring, and debt collection mechanisms. Giraffetech provided the backend software infrastructure, payment routing gateways, and API integrations necessary to keep transactions flowing seamlessly. But both companies lost virtually all their value.

To clean up its balance sheet, PalmPay was forced to cut ties with them and absorb the financial damage.

First, PalmPay had to slash the recorded value of its investments in these companies by over £18.37 million, with the vast majority of that massive markdown coming from Dexintec. Immediately after reducing Dexintec’s value down to a fraction of what it was worth, PalmPay sold it off for £3,140,228 just to get it off its books.

The situation with Giraffetech was worse. PalmPay had originally supported the business with a £3.65 million loan, but once Giraffetech collapsed to a value of zero, it became obvious that the money was unrecoverable. PalmPay had no choice but to officially write off that loan and treat it as a total loss, causing the UK holding company to plunge into a heavy deficit for the year.

What the accounts reveal about PalmPay UK

PalmPay (UK) Limited did not report employees in 2025, down from two employees in 2024. This is consistent with the company’s stated role as a holding company, rather than a large operating business employing staff directly.

Yet, the absence of employees does not mean the company had no significant financial activity. Its investment portfolio, loan write-off and relationships within the wider group demonstrate that a holding company can record substantial financial movements without operating a large workforce.

Ultimately, these figures offer a window into the corporate investment risks managed by PalmPay’s UK holding entity. They reflect internal structural reorganisations and should not be mistaken for a measure of the African digital banking network’s core commercial profitability.