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Peach Payments raises funding to drive expansion across the continent
Peach Payments has raised an undisclosed amount of growth funding to drive its expansion across Africa.
This round of funding was led by Umkhathi Wethu Ventures (UW Ventures), in partnership with Allan Gray.
A number of industry executives also from Europe and South Africa, as well as existing investors also participated in the round.
The funding comes after an announcement earlier this week that the two investors had, together with SA venture capital (VC) company 4Di Capital, invested in another SA fintech, CompariSure
Peach Payment is a platform that enables businesses to easily accept payments on their websites and mobile apps, integrating with leading e-commerce platforms like WooCommerce, Shopify, Wix and Magento.
The size of the investment is still not clear. Peach Payments previously raised a €50 000 seed round in 2013, after participating in the 2012 Google Umbono/88mph accelerator. The fintech netted a second, undisclosed investment a few years later from an Austrian angel investor
Peach Payments which is originally from South Africa expanded into the Kenyan Market in 2016. The company currently operates from Nairobi Garage Kilimani Office space and has since expanded into other markets including Mauritius, and Nigeria.
With the new funding Peach Payments now plans to rapidly scale its presence to other countries across the continent after securing investment.
Peach Payments will use the funding to accelerate product development and extend market reach. The startup has seen strong growth of late as it enables South African businesses to accelerate online commerce solutions and transform or pivot during COVID-19.
Monthly customer acquisition has grown by 400 per cent since February, with revenue growing by more than 100 per cent per annum.
Congratulations from Nairobi Garage to Peach Payments for this amazing achievement, we are excited to see the amazing things you are going to do with this funding!
