The company said the growth funding would drive its expansion into the rest of Africa and accelerate product development.
“Over the last five years, Peach Payments has proven itself as a payment gateway. The business is well-positioned to take advantage of opportunities across the continent,” explains Nicolaas Botha, who is part of the Allan Gray ventures team.
Peach Payments enables global e-commerce platforms such as Shopify, WooCommerce and Magento and offers APIs for customized integrations, and transform or pivot during COVID-19. Monthly customer acquisition has grown by 400% since February.
Today the startup works with businesses in South Africa, Kenya and Mauritius, and is planning to use its growth capital to rapidly expand its presence in other countries across the continent.
The company is growing revenue north of 100% per annum and has established a presence in both Mauritius and Kenya, with further market expansion planned over the medium term.
“We see significant revenue growth even during this crisis. This is being driven by the acceleration of consumer adoption of e-commerce and by developing more localized products for African merchants,” says Rahul Jain, co-founder of Peach Payments.
“Our relationship with UW Ventures and Allan Gray will further our ambition to help drive the growth of digital commerce in Africa.”
Several JSE listed companies have selected Peach Payments as their payments partner for their online commerce channels.
Peach Payments has established itself as a leader in online payment solutions with a significant market share in the enterprise space and a fast-growing SME base. This is aligned with UW Ventures and Allan Gray’s ethos of enabling SME growth and investing into South African entrepreneurs.
“Peach Payments is rapidly capitalizing on the large digital payments opportunity through its modern platform and superior customer service,” says Harry Apostoleris, Director at UW Ventures.
“We have confidence that the company’s globally experienced leadership team will continue on this growth trajectory while further enhancing the customer value proposition.”