Peach Payments Secures $30M in Funding Round

Digital payment service provider Peach Payments has successfully closed a $30M funding round, led by Apis Growth Fund II, a private equity fund managed by UK-based asset manager, Apis Partners LLP. The news follows the fund’s announcement back in April 2023 to invest in Peach Payments.

Peach Payments: Enabling Online Payments in Africa

Peach Payments specializes in providing enterprise-grade digital payment solutions for businesses of varying sizes across Africa. The platform allows businesses that are expanding to new African countries to continue using Peach Payments, eliminating the need to find a new payment partner. Peach Payments offers multiple payment methods including credit cards, debit cards, instant EFTs, multiple buy-now-pay-later options, and electronic vouchers.

Funding to Accelerate Growth and Expansion

The funds raised will be used to accelerate growth, develop new products, and expand Peach Payments’ presence into new African markets. The company also plans to strengthen its footprint in the markets it already serves, including South Africa, Kenya, and Mauritius, with an aim to grow market share, expand headcount, and launch new products.

Aiming to Simplify Digital Payments Across Africa

Peach Payments aims to expand its functionality across all 54 African countries, addressing the fragmentation in payment methods and stores of value. This expansion will allow businesses to accept digital payments more easily, and consumers to have a seamless online payment experience with enterprise-grade security and access to cross-border payments.

Strategic Partnership with Apis Partners

The strategic relationship with Apis Partners is expected to bring substantial benefits to Peach Payments. Apis Partners’ capital, expertise, and global network will support new investments in Peach Payments’ infrastructure, products, and people. As a result, the payment platform will be able to consolidate recent gains and support the next phase of growth.

Peach Payments CEO, Rahul Jain, expressed appreciation for the value Apis Partners brings to the deal, noting their impressive fintech experience across the globe and their ability to advise on strategic moves.

A Step Towards Financial Inclusion

Apis Partners’ sector expertise will also aid Peach Payments in their mission to maximise financial inclusion. By enabling more merchants to participate and grow in the increasingly digital global economy, Peach Payments hopes to make a significant contribution to financial inclusion in Africa.

The deal was approved by South Africa’s Competition Commission in May, with customary requirements for deals of this nature met in August. Funds were transferred earlier this month.