South African FinTech start-up Peach Payments has recently set up an office in Mauritius in pursuit of its pan-African expansion strategy.
The startup was set up in South Africa in 2012 & is a payment gateway offering simple, seamless, and secure online payment services that enable businesses to easily accept payments on their websites and mobile apps, integrating with leading e-commerce platforms like WooCommerce, Shopify, Wix, and Magento.
Last year, Peach Payments saw a 400% increase in customer acquisition and revenue growth of 130%.
After securing investment last year from a funding round led by UW Ventures in partnership with Allan Gray, the company raised another undisclosed round of funding in April 2021, again led by UW Ventures in partnership with Allan Gray, alongside Launch Africa Ventures and other existing investors.
The investment raised from these rounds is being used to fund the company’s expansion into Africa.
“Growth into Africa is key, and our expansion into Mauritius has been an eagerly awaited milestone, based on the island economy’s stellar reputation as a FinTech hub for Africa. We are happy to have onboard Sandeep Chagger, who brings his vast experience in the financial services sector in Mauritius and who has already been instrumental in setting up our operations on the ground,” Peach Payments co-founder Andreas Demleitner says.
On the way forward, he adds, “While scaling up our current operations in Kenya and Mauritius, the team is investigating opportunities in other East and West African countries. In this context, our participation at the Africa FinTech Festival will serve to help our organization remain at the forefront of new opportunities in the exciting realm of FinTech as this pioneering event brings together all FinTech stakeholders across Africa – be it other FinTech start-ups, regulators, investors or academia.”
Mauritius has now become the third country that Peach Payments has set shop. In 2018, Peach Payments expanded to Kenya as its second market and started its operations from Nairobi Garage.
Peach Payments in partnership with IPT, Switzerland Global Enterprise, MCB, Synthesis, and Care Ratings Africa also sponsored the 3rd Africa Fintech Festival (AFF) as a fully virtual series in 2021 around the theme of FinTech, Sustainability, and Innovation – The power trio to fast-forward Africa’s growth.
This virtual conference series consisted of keynotes, panel discussions, and fireside chat interviews revolving around the following main themes: FinTech Innovation, Skills & Capacity Building initiatives, Regulatory & Policy strategies, and Investment & Deal Flow opportunities.
The event was open to all the stakeholders in FinTech and allied fields including entrepreneurs, SMEs, startups, corporations, universities, financial service providers, tech companies, investors, and regulators.