Peach Payments receives USD 30 mln in funding

Peach Payments is an enterprise-grade digital payment service provider that enables online payments in Africa for businesses of all sizes. In April 2023, Apis Partners announced the Fund’s intention to invest in Peach Payments as part of a funding round consisting of a mix of primary and secondary investments. 

Officials from Peach Payments said this funding has been raised to accelerate growth and will be used to build out new products and expand into new countries in Africa. They also intend to double down on the markets in which they already have a presence - South Africa, Kenya, Mauritius - to grow market share, expand their headcount, and launch new products. All these actions have the core focus of serving their merchants and helping them to scale their businesses.

Enabling seamless cross-border digital payments in Africa

Peach Payments simplifies expansion for businesses across African countries by offering a unified payment platform. Currently operational in 3 African countries, Peach Payments plans to expand this service to more African nations. The continent's diverse payment methods, including credit cards, debit cards, instant EFTs, Buy Now, Pay Later options, and electronic vouchers, create complexity for businesses. The company aims to abstract this complexity for merchants, enabling seamless digital payments across multiple countries. They are evaluating new countries for potential expansion.

By using Peach Payments, consumers will benefit by having an easy online payment experience with enterprise-grade security and access to cross-border payments. This will allow them to buy goods and services internationally while using local payment methods. For merchants, the expansion of the payment platform will bring additional opportunities to expand their businesses internationally. 

Apis Partners enables Peach Payments to expand faster and further

As an ESGI-native investor, Apis Partners’ sector expertise will help Peach Payments to maximise financial inclusion by enabling more merchants to participate and grow in today’s increasingly digital global economy.

Representatives from Apis Partners said they continue to see significant opportunities 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. They have been impressed by the vision and execution Peach Payments’ management team has brought to bear to capitalise on these trends. They look forward to working with Peach Payments to expand its reach into new markets with innovative merchant solutions.