Peach Payments, a fintech startup based in South Africa has secured a funding from Allan Gray and private equity Umkhathi Wethu Ventures (UW Ventures) alongside other existing investors.The funding received will be used for expansion into the rest of Africa and also accelerate product development as well as expanding its operational and engineering teams.
The new investment round received by Peach payments indicates that the investors have great confidence in the core business model and hypothesis created. In 2020,the Peach Payments team had set solid growth targets and have managed to outperform those expectations. This has proven that Peach Payments is not only able to meet the demand that the current environment provides but also creates enhanced services for customers in South Africa and beyond its borders.
The founders, Andreas Demleitner and Rahul Jain launched the startup in 2012 with an aim of providing a platform that users can gain access to e-commerce, emerging markets, mobile payments and payments. These global e- commerce platforms include WooCommerce, Shopify and Magento. In the Peach Payments platform consumers are also offered with APIs for customized integrations and transform or pivot during the COVID-19 pandemic.
Peach Payments provides a payment platform that enables businesses accept payments on websites, mobile apps, SMS and e-mail. The businesses can as well gain access to other payment methods such as credit/debit cards, bank transfers, mobile wallets, electronic wallets and mobile operator billing. Peach Payments has managed to acquire an increase of 400% in customer acquisition since last year and a revenue growth of 130%.
With current operations in South Africa, Kenya and Mauritius, the funding received will enable Peach Payments expand its operations. The PeachPayments team focuses on expanding its operations by investigating opportunities in other East and West African countries.
