Peach Payments, a fintech company based in Cape Town, has successfully secured a $30 million (approximately R575 million) funding round, with Apis Partners, a private equity firm headquartered in the UK, leading the investment. This funding was channelled through Apis Growth Fund II, as part of a funding round that encompasses a combination of primary and secondary investments.
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Peach Payments is known for its enterprise-grade digital payments platform, which facilitates online payments throughout Africa. CEO and co-founder Rahul Jain explained that the funds raised will be instrumental in accelerating growth, allowing the company to develop new products and extend its presence to additional African countries. Jain added, “We also intend to double down on the markets in which we already have a presence – South Africa, Kenya, and Mauritius – to grow market share, expand our headcount, and launch new products.”
Matteo Stefanel, Managing Partner and co-founder of Apis, highlighted the substantial opportunities within the African payments sector. He emphasized that these opportunities are not subject to the typical annual business cycles and stem from fundamental trends such as the transition from cash to digital payments and the shift from in-store to online payments in key markets.
With the new funding secured, Peach Payments is poised to accelerate its operations significantly. Jain noted that the increased capital enables the company to simultaneously pursue multiple priorities, thereby enhancing its execution speed.
