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London VC backs $31M funding of South Africa fintech startup Peach Payments

Peach Payments
Photo Credit: Peach Payments

Peach Payments, a South African payments infrastructure firm, has raised $31M in a Series A funding round led by Apis Partners.

The fintech startup intends to use the fresh funds to grow into new African markets and increase its product offering.

The company claims a 650% rise in revenue from 2020, with an 80% increase in 2022 alone, after onboarding clients “in practically every vertical.”

Expansion plans

The company expanded its operations to Kenya in 2018 and Mauritius in 2021 and now it plans to expand across Africa

Merchants can accept, manage, and make payments via mobile and web using its infrastructure. It accepts a variety of payment methods, including cards, electronic funds transfer, digital wallets, mobile money, and buy now, pay later (BNPL).

Rahul Jain, Co-Founder and CEO, Peach Payments said, “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.”

“We continue 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,” said Matteo Stefanel, Co-Founder and Managing Partner, Apis Partners. 

“Peach Payments, one of Africa’s most exciting high-growth businesses with a relentless focus on technology and operational leadership, is at the forefront of enabling next-generation payments for merchants across the continent. We are excited to partner with Peach Payments’ fantastic team and look forward to leveraging Apis’ capital, expertise and global network to support new investment in Peach Payments’ infrastructure, products and people to consolidate the company’s recent gains and support the next phase of growth,” said Udayan Goyal, Apis Partners Co-Founder and Managing Partner.

Jain and Andreas Demleitner started Peach Payments in 2012 in Cape Town, South Africa, to provide a payment gateway to local online merchants. 

The company offers a toolbox to merchants that allows them to accept, manage, and make payments via mobile and the web. Online payment acceptance, pay-outs (disbursements), and subscription solutions are among the services provided. Payment types accepted include cards, electronic funds transfer, digital wallets, mobile money, and Buy Now Pay Later choices, among others.

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