Peach Payments, a local fintech has received an undisclosed amount of funding in the latest business investment round. The round was led by Umkhathi Wethu Ventures, with participation from other investors among them Allan Gray. Launch Africa Ventures also participated as an investor in the new round of funding.
Peach Payments offers an online payment gateway allowing businesses to accept payments on their mobile apps, websites, e-mails, and SMS. They get instant access to payment methods such as bank transfers, debit and credit cards, e-wallets, and mobile operator bills.
The co-founder of Peach Payments, Raul Jain, pointed out the operations in SA, Kenya, and Mauritius as the springboard for accelerating growth outside South Africa. The same applies to scaling the current products and services of the business, including its operational and engineering teams.
According to Jain, the company exceeded its growth expectations for 2020 which was partly fueled by the acceleration of digital commerce. The company recorded a 400% increase in customer acquisition while revenues grew by 130%.
Launch Africa ventures believes the investments into Peach Payments will help advance technology while feeding the potential for Africa’s e-commerce to thrive beyond South Africa. Baljinder Sharma, the director, terms it as “not just an investment in one company” but into the “ecosystem.”