Peach Payments, a South African fintech company, has raised $31 million in a Series A funding round led by Apis Partners. This money will help the company grow its product line and speed up its growth across Africa.
About The Company
The startup gives businesses a full set of tools for accepting, managing, and sending payments through the web and mobile apps. It is the second-largest online payment platform in South Africa
By The Numbers
In the past few years, Peach Payments has seen its sales increase by more than 650% since 2020 and by 80% in 2022 alone.
With the money, Peach Payments can add more products, improve its core merchant value proposition, and move into new African countries.
What They’re Saying
“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,” said 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.”
Matteo Stefanel, co-founder and managing partner at Apis Partners, said his firm continued to see significant opportunity 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,” he said.
What’s Next
Apis Partners, an asset manager based in the UK, will help Peach Payments grow and expand into new areas using its networks and experience scaling up big payment companies.
The investment from Apis Partners is conditional on approval from the Competition Commission of South Africa and other standard conditions related to ending and how things are done.
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