[vc_row full_width=”stretch_row” pix_particles_check=”” css=”.vc_custom_1648218350020{padding-top: 80px !important;padding-bottom: 80px !important;background-color: #ffffff !important;}”] Apis Growth Fund II, a UK-based private equity fund managed by Apis Partners, plans to invest €29 million (US$31 million) in Peach Payments, a digital payment service provider operating in Africa. Completion of the deal is subject to approval by the Competition Commission of South Africa and customary procedural and closing conditions. Peach Payments has grown rapidly, with revenue increasing over 650% since 2020 and 80% in 2022 alone. The company is the second-largest online payment gateway in South Africa, with operations in Kenya and Mauritius and almost 150 international employees.
The investment by Apis Partners is intended to accelerate Peach Payments’ expansion into new African markets, deepen its product offering, and reinforce its core merchant value proposition. Apis Partners specializes in supporting growth-stage financial services and financial infrastructure businesses. As an ESGI-native investor, Apis Partners’ sector expertise will help Peach Payments to maximize financial inclusion.
Peach Payments was founded in Cape Town in 2012 by Rahul Jain and Andreas Demleitner. The company offers a payment gateway that enables local online merchants to accept, manage, and make payments via mobile and the web. Peach Payments’ goal is to be the online payment infrastructure provider that helps businesses scale. The company provides a toolkit for merchants that includes online payment acceptance, payouts, and subscription solutions across a variety of payment types.
Rahul Jain, Founder and CEO of Peach Payments, said the investment would enable the company to fulfill its mission of enabling African businesses and entrepreneurs to succeed in digital commerce. Matteo Stefanel, Co-Founder and Managing Partner of Apis Partners, said the fund saw significant opportunity in African payments, and Udayan Goyal, Co-Founder and Managing Partner of Apis Partners, praised Peach Payments’ focus on technology and operational leadership. Apis Partners will leverage its deep networks and unique experience in scaling leading payment companies to support Peach Payments’s growth and geographic expansion.
Source: africamoneydefisummit.com