South African FinTech start-up Peach Payments has recently set up an office in Mauritius in pursuit of its pan-African expansion strategy. This follows a foray into Kenya in 2018.
The startup was set up in South Africa in 2012.
Peach Payments 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 new 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 on board 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 organisation 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.”
Elaborating upon the company’s participation at the AFF, Peach Payments co-founder Rahul Jain says, “We are honoured to be a key event sponsor at the Africa FinTech Festival, with the third edition being held in Mauritius under the theme of ‘FinTech, Sustainability and Innovation: The power trio to fast-forward Africa’s growth’. I will be speaking on two occasions, once on the topic of scaling up in Africa and what are the keys to a successful Pan-African expansion, and another on how FinTechs can thrive in the new normal with a focus on digital payment providers.”