In the most recent business investment round, Peach Payments, a local fintech, secured an undisclosed sum of funding.
Umkhathi Wethu Ventures led the round, with participation from other investors including Allan Gray and Launch Africa Ventures.
Peach Payments is a payment portal that enables companies to accept payments via their websites, mobile apps, SMS, and email.
It allows them to use credit/debit cards, bank transfers, mobile wallets, electronic wallets, and mobile operator billing as payment methods.
With operations in South Africa, Kenya, and Mauritius, Rahul Jain, co-founder of Peach Payments, says the funds will be used to accelerate growth outside of South Africa as well as scale up the business.
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“This new investment round demonstrates our investors’ trust in our core business model and hypothesis,” Jain says. “In 2020, Peach set solid growth goals for itself, and we far exceeded those goals. We doubled down in 2020 and invested heavily in defined growth areas to make the most of the opportunities created by COVID and the acceleration of digital commerce.”
“Peach Payments’ growth over the last year reflects the company’s commitment to supporting merchants in building and adapting their businesses, particularly during the digital acceleration we have witnessed over the last 12 months,” says Harry Apostoleris, co-founder of UW Ventures. “We look forward to continuing to support the company’s vision and goals to develop a long-lasting Pan-African enterprise based on world-class technology.”
Last year, Peach Payments recorded a 400 percent increase in customer acquisition and a 130 percent increase in revenue.