Peach Payments,South Africa’s second largest payments gateway, has concluded a $31 million Series A fundraise led by UK-based asset manager Apis Partners.

Apis Partners said it will use its “deep networks and unique experience” in scaling leading payment companies to support the payment network’s growth and geographic expansion.

Peach Payments said it intends to use the investment to accelerate its expansion across new African markets, deepen its product offering, and reinforce its core merchant value proposition.

Matteo Stefanel, co-founder and managing partner of Apis Partners said it sees “significant opportunity” in African payments as trends 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,” he said.

Founded in 2012, Peach Payments’ revenue has reportedly increased by more than 650 per cent since 2020, with an 80 per cent increase in 2022.

Rahul Jain, co-founder and chief executive of Peach Payments said: “We’ve witnessed incredible growth in the past three years driven by fundamental forces and shifts in consumer and business adoption of digital commerce.”

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