Peach Payments secures $30m in funding

Peach Payments secures $30m in funding

Peach Payments, trading under Baobab Payments, has successfully closed a funding round amounting to €29m/$30m.

The funding round was announced in April and managed to secure capital primarily from Apis Growth Fund II, a private equity fund operated by Apis Partners LLP, a UK-based asset manager.

Specialising in offering an enterprise-level digital payment service, Peach Payments facilitates online transactions in Africa for businesses spanning various sizes. The company has adeptly carved a niche in rendering a comprehensive toolkit to manage, accept, and disburse payments through mobile and web platforms.

With a stronghold in South Africa, Kenya, and Mauritius, Peach Payments looks after the digital transaction needs of a plethora of sellers, ranging from popular food delivery services and e-commerce side hustles to comprehensive travel services.

In a move aimed at amplifying its growth trajectory, Peach Payments will leverage the newly secured funding to craft new products and forge into new African territories. Furthermore, the company aspires to bolster its presence in current markets including South Africa, Kenya, and Mauritius. This will involve growing market share, enhancing headcount, and launching innovative products, all with an unwavering focus on aiding their merchants in scaling operations, as elucidated by CEO and co-founder, Rahul Jain.

Peach Payments intends to eliminate the complexity tied to the fragmentation of payment methods for businesses targeting African consumers across the continent. As Jain articulates, the platform currently abstracts this complexity for merchants in operational countries and seeks to extend this convenience to more nations within Africa.

In expressing his anticipation for the future of Peach Payments, Apis Partners Co-Founder and Managing Partner, Udayan Goyal, expressed that the firm looks forward to “leveraging Apis’ capital, expertise and global network to support new investment in Peach Payments’ infrastructure, products and people to consolidate the company’s recent gains and support the next phase of growth.”

With consumer benefits firmly in the spotlight, Peach Payments aims to enhance online payment experiences by providing top-tier security and facilitating access to cross-border payments. This, in turn, enables consumers to purchase international goods and services using local payment methods. From a merchant perspective, the platform’s expansion spells fresh opportunities to spread their business wings internationally.

For the record, Jain extols the virtues of Apis Partners in the deal, stating, “The Apis team brings an incredible wealth of experience in fintech across the globe and we look forward to exploring exponential opportunities together with them. Their ability to listen and advise on strategic moves is a valuable asset for any startup along its journey.”

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