After getting $31 million in funding led by Apis Growth Fund II, Peach Payments, an online payments company in South Africa, wants to move into new markets.
Peach Payments is the second largest online payment gateway in South Africa, and it also does business in Kenya and Mauritius. It now wants to go into new markets in Africa.
It gives merchants a set of tools that let them accept, manage, and send payments from mobile devices and the web. Online payments, pay-outs, and subscription services are among the services that are available. Payments can be made through cards, electronic funds transfer, digital wallets, mobile money, and BNPL.
Since 2020, the company, which has 150 employees, has seen its income grow by 650%. This is because more and more South Africans are shopping online.
“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.”
The investment can only go through if the government says it’s okay.
