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Peach Payments Raises $31m Series A Funding Round

The South African fintech startup provides a complete toolkit to help businesses accept, manage and disburse payments through the web and mobile.

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Peach Payments has raised a US$31 million Series A funding round from Apis Partners to accelerate its growth across the continent and grow its product offering.

Peach Payments provides a complete toolkit to help businesses accept, manage and disburse payments through the web and mobile. It is the second-largest online payment gateway in South Africa and has also expanded to Kenya and Mauritius.

The startup has experienced exceptional growth in recent years, with revenue increasing more than 650 per cent since 2020 and 80 per cent in 2022 alone. It plans further expansion after raising US$31 million in Series A funding. The investment came from Apis Growth Fund II, a private equity fund managed by Apis Partners, a UK-based asset manager.

Completion of the investment is subject to the approval of the Competition Commission of South Africa and customary procedural and closing conditions. Peach Payments’ existing investors include UW Ventures, Launch Africa, and AG Ventures.

The company intends to use the investment to accelerate its expansion across new African markets, deepen its product offering, and reinforce its core merchant value proposition. Apis Partners will leverage its networks and experience scaling leading payment companies to support Peach Payments’ growth and geographic expansion.

Rahul Jain, Peach Payments co-founder and CEO, said: “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.”

“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 globally, and we look forward to exploring exponential opportunities together with them.”

Matteo Stefanel, co-founder and managing partner at Apis Partners, said: “We have been impressed by the vision and execution of the management team as Peach Payments capitalizes on these trends to bring more end-users into the digital economy, a key part of our drive to democratize access across the continent. We look forward to partnering with Peach Payments to expand its reach into new markets with innovative merchant solutions.”

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