Peach Payments, a South African fintech, has raised USD 31 million in funding from Apis Partners. The company offers a range of payment solutions and e-commerce tools.
South African fintech startup, Peach Payments, has raised USD 31 million in a series A funding round from Apis Partners. The funds will be used to accelerate the company’s growth across the continent and expand its product offering. Peach Payments, founded in Cape Town in 2012, is the second-largest online payment gateway in South Africa, with a presence in Kenya and Mauritius.
Peach Payments – Growth and expansion
The company offers a range of payment solutions and e-commerce tools for businesses seeking to sell online. Peach Payments has experienced considerable growth in recent years, with revenue increasing more than 650% since 2020, and 80% in 2022 alone. The company now plans to expand into new African markets, to deepen its product offering, and to reinforce its core merchant value proposition. Apis Partners, a UK-based asset manager, will leverage its networks and experience in scaling leading payment companies to support Peach Payments’ growth and geographic expansion.
Shifts in the adoption of digital commerce
Rahul Jain, co-founder and CEO of Peach Payments, said, “At Peach Payments, our mission is to enable African businesses and entrepreneurs to succeed in digital commerce. We want to be the infrastructure layer they build their business on. This was our original vision when we started, and is more relevant today than ever. “We’ve witnessed incredible growth in the past three years driven by fundamental forces and shifts in consumer and business adoption of digital commerce. Across market segments – from retail to digital learning, fitness, and even traditional financial services – we’ve onboarded new clients in almost every vertical. We’ve built a very strong team with exceptional operators and I am excited to partner with the team at Apis and take this business to where it deserves to be. The Apis team brings an incredible wealth of experience in fintech across the globe and we look forward to exploring exponential opportunities together with them.”
Matteo Stefanel, co-founder and managing partner at Apis Partners, said, “We have been impressed by the vision and execution of the management team as Peach Payments capitalizes on these trends to bring more end-users into the digital economy, a key part of our drive to democratize access across the continent.”
The African fintech space continues to show huge potential and opportunity for growth, with increasing demand for online payment solutions across the continent. With this latest investment. E-commerce is a leading sector for investment across the MENA region, with companies such as Shaker making investments to bolster their online and digital presence.