Peach Payments, a South African fintech firm led by Cape Town entrepreneur Rahul Jain, has successfully raised $31 million in a Series-A funding round from institutional investors, with plans to accelerate growth across the continent and expand its product offering.
This funding was led by Apis Partners, a UK-based asset management firm, and was approved by the South African Competition Commission after meeting all customary procedural and closing conditions.
The amount raised cement Peach Payments’ position as one of the largest online payment gateways not only in South Africa but also on the African continent.
Peach Payments plans to utilize the funding to accelerate its growth and deepen its product offerings in new African markets, as well as strengthen its core merchant value proposition.
With the backing of Apis Partners, which brings with it experience in scaling leading payment companies, Peach Payments is poised to continue expanding its reach and impact.
Peach Payments, according to Jain, co-founder, and CEO, is on a mission to empower African businesses and entrepreneurs to thrive in the digital commerce landscape.
He emphasized that Peach Payments aims to be the foundation on which these businesses can build their operations, a vision that is as relevant today as it was when the company was founded.
Jain also expressed his excitement about the opportunity to work with Apis Partners, who led the recent $31-million Series-A funding round for Peach Payments.
He praised the strength of the company’s team and their exceptional capabilities as operators and noted that he is eager to leverage Apis Partners’ extensive experience in fintech across the globe to unlock exponential growth opportunities for Peach Payments.
The idea for Peach Payments was sparked during a chance encounter in 2009 between co-founders Jain and Andreas Demleitner, who were both immigrants to South Africa at the time.
Recognizing each other’s complementary skills, they decided to reunite in Cape Town in 2012 to establish Peach Payments with the lofty goal of revolutionizing online payments in South Africa.
Since then, under the dynamic leadership of Jain and Demleitner, Peach Payments has experienced remarkable growth.
In fact, the startup’s revenue has surged by over 650 percent since 2020, with an impressive 80-percent increase in 2022 alone. Peach Payments now processes more than $54 million per month for its merchants, a testament to its seamless payment solutions.
