Invested September 2023
Founded in 2012, Peach Payments is a fast-growing African payment services provider that enables digital commerce and payments for merchants of all sizes. The company supports merchants with payments acceptance, payouts and subscription solutions across a wide variety of payment types including cards, instant payments, digital wallets, mobile money and buy now pay later amongst others. Peach Payments is committed to delivering enterprise-grade products, robust risk management and actionable insights to its merchants. The company has a staff complement of nearly 150 professionals globally and a local presence in South Africa, Kenya and Mauritius.
Cape Town, South Africa
Apis Growth Fund II
Where did the idea behind Peach Payments come from?
Peach Payments was founded by Rahul Jain and Andreas Demleitner in 2012 in Cape Town, South Africa, offering a payment gateway to local online merchants. The story begins with Rahul and Andreas meeting in Gauteng as consultants a few years before launching. After discovering that there was a gap to start a trustworthy, scalable payment gateway in Africa, Andreas called up Rahul to discuss tackling this huge opportunity and the rest is history.
After it expanded to Kenya in 2018 and to Mauritius in 2021. Peach Payments’ goal since it was founded has been to be the online payment infrastructure provider that helps businesses scale.
Where do you see the company in 5 years?
Peach Payments will be in most of the important markets in Africa and will be helping businesses of all sizes do commerce in Africa.
What are the biggest opportunities for Peach Payments’ business?
The big opportunity lies in the increased fragmentation in how people pay in Africa, with stores of value getting more and more fragmented. For businesses, the fragmentation makes it incredibly complicated to accept payments across 54 African countries, with an average of 12 payment methods per country. Peach Payments removes that complexity.
Secondly, there’s a big trend of African users consuming products and services from global businesses, such as Netflix or Spotify. Conversely, African businesses are trying to sell to global consumers. Peach Payments can help to bridge this cross border trade through multicurrency processing, and making more payment methods accessible to African merchants.
The third opportunity lies in the convergence of user experiences from online to offline. Peach Payments is working towards enabling consumers to seamlessly move between digital online transactions to physical in-person transactions and play in both realms.
How does Peach Payments contribute to its local audience?
Peach Payments enables local businesses to get paid as seamlessly as possible, including crossborder, allowing local companies to service an international consumer base. Businesses that use Peach Payments in one country don’t need to find a new partner when they expand to a new African country – they can just grow in the rest of the continent. For consumers we make it as safe and easy as possible to pay online by aggregating multiple payment methods (Cards, EFT, BNPL, Vouchers et al) to give a single access point to the merchant and unified reporting that solves for reconciliation.
“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. Their ability to listen and advise on strategic moves is a valuable asset for any startup on its journey.”
— Rahul Jain, CEO and Co-founder Peach Payments