Peach Payments, a South African fintech that offers online payments for SMEs, has raised new investment in a round led by Umkhathi Wethu Ventures and Allan Gray.
Launched in 2012, the SA fintech company runs a B2B digital payment service for SMEs and entrepreneurs in South Africa.
The financial platform is increasingly growing in popularity with over 1500 entrepreneurs using its online payment services. Other than signing a deal with three giant Supermarket groups in South Africa, the company is signing weekly deals of between 200-300 new merchants.
The growing demand has seen the company increase its workforce to meet the demand. It now has a staff capacity of 40 employees after new hires that happened in March and April.
New deals that came as a result of the COVID-19 pandemic include the deal with Wix, a website building platform in which the two companies signed just two weeks pre-lockdown in South Africa.
Following the deal, Peach Payments now supports most startups and SMEs in Africa to digitize their transactions.
The company is engaging more companies to get them to sign an agreement to use their online payment platform. It has so far reached to Nigeria for business talks.