Peach Payments has raised $31 million Series A funding round from Apis Partners, the fintech startup wants to grow its product offering and also accelerate its expansion across the African continent.
Founded in 2012 by Rahul Jain and Andreas Demleitner, Peach Payments provides a toolkit that helps businesses accept, manage and disburse payments through mobile and web. It is the 2nd largest online payment gateway in South Africa, and has also established its presence to Mauritius and Kenya.
The company has experienced massive growth since its inception, with revenue increasing more than 650% since 2020, and by 80% in 2022 alone. And after securing $31 million in Series A funding from Apis Growth Fund II, it now wants to further expand.
The investment is pending approval from the Competition Commission of South Africa and customary procedural and closing conditions. Peach Payments’ existing investors include Launch Africa, UW Ventures and AG Ventures.
The company will use the investment to penetrate new African markets, improve its product offering, and also reinforce its core merchant value proposition.
“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,”Rahul Jain, co-founder and CEO of Peach Payments
“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.”
According to Matteo Stefanel, co-founder of Apis Partners, his firm continues to see opportunities in African payments as strong secular trends that are not related to annual business cycles – such as the conversion from cash to digital and in-store to online payments – persist across key markets.
“We have been impressed by the vision and execution of the management team as Peach Payments capitalises on these trends to bring more end-users into the digital economy, a key part of our drive to democratise access across the continent. We look forward to partnering with Peach Payments to expand its reach into new markets with innovative merchant solutions,”Matteo Stefanel, co-founder of Apis Partners
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