Peach Payments, a South African fintech startup, has raised a Series A funding round of $31 million from Apis Partners to expand its product offerings and accelerate growth across the continent.

Peach Payments provides businesses with tools to manage, accept and disburse payments through the web and mobile, and is the second-largest online payment gateway in South Africa.

The company has seen revenue growth of over 650% since 2020, with an 80% increase in 2022 alone, and aims to expand to new African markets with the investment.

Apis Partners will leverage its networks and experience to support Peach Payments' growth and geographic expansion. The investment is subject to regulatory approvals and customary procedural and closing conditions.

READ ALSO - Camel Ventures Discloses $16m Fintech-Focused Fund in Egypt

Speaking about the update, Rahul Jain, co-founder and CEO of Peach Payments said, “At Peach Payments, our mission is to enable African businesses and entrepreneurs to succeed in digital commerce. We want to be the infrastructure layer they build their business on. This was our original vision when we started and is more relevant today than ever. We’ve witnessed incredible growth in the past three years driven by fundamental forces and shifts in consumer and business adoption of digital commerce. Across market segments – from retail to digital learning, fitness, and even traditional financial services – we’ve onboarded new clients in almost every vertical. We’ve built a very strong team with exceptional operators and I am excited to partner with the team at Apis and take this business to where it deserves to be. The Apis team brings an incredible wealth of experience in fintech across the globe and we look forward to exploring exponential opportunities together with them.”