Peach Payments, a fintech startup based out of South Africa, has just raised US$31 million in Series A funding from Apis Partners in order to expand its operations across Africa and expand its product line.
The funding came from Apis Growth Fund II, a private equity fund run by UK-based asset manager Apis Partners.
Peach Payments, which was founded in Cape Town in 2012, offers a full toolkit to assist businesses in accepting, managing, and disbursing payments online and via mobile devices. It is now available in Kenya and Mauritius and is the second-largest online payment gateway in South Africa.
The startup has expanded significantly in recent years, with revenue rising by more than 650 percent since 2020 and by 80 percent just in 2022 alone. It is currently considering future growth.
“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.
The funds will be used to hasten the company’s entry into new African markets, expand its product lineup and strengthen its merchant value proposition.
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