The South African company Peach Payments, which specializes in providing financial services in the field of online payments, announced the receipt of additional funding in the amount of $ 31 million from Apis Growth Fund II.
The firm intends to use the funds received to implement a set of measures aimed at entering new markets. Currently, this company is the second-largest online payment gateway in South Africa. The firm provides financial services in the markets of Mauritius and Kenya. After receiving additional financing, the company intends to expand its presence on the mainland by entering the markets of other African countries.
Peach Payments offers sellers a toolkit with which they can accept payments, manage them and make transactions via the Internet and mobile devices. The company’s list of services includes online payment acceptance, subscription payments, and solutions for various types of payments, including cards, electronic money transfers, digital wallets, mobile money, and BNPL.
Since 2020, the company’s revenue has shown an increase of 650%. A significant increase in this indicator is due to the fact that South Africans are increasingly making online purchases. The number of employees of the company is 150 people.
Matteo Stefanel, Managing Partner of Apis Partners, says that the African market is promising in terms of opportunities for the development of payments in this region. He also noted that age-old trends remain in force in the main markets, which are not consistent with annual business cycles, such as the rejection of cash in favor of digital transactions and online payments in stores.
Speaking about the Peach Payments team, Matteo Stefanel noted the advantages of the company’s management team, including a high level of efficiency and a reasonable assessment of the payment sphere and its prospects. He also stated that this firm uses the specifics of the African financial sector in order to democratize access to advanced technological solutions in the field of payments.
Peach Payments will be able to begin the active disbursement of the received financing after the approval of this process with regulators.
As we have reported earlier, Portrait Analytics Raises $3 Million for Generative AI Investment Research Platform.