Peach Payments Set For Africa Expansion; Outlays Growth Plans

Peach Payments' ambitious expansion plans took the spotlight in the Business Day Spotlight edition. Founded by Andreas Demleitner and Jain in Cape Town, 2012, Peach Payments has grown into the second-largest online payment gateway in South Africa. With successful initial expansions to Kenya in 2018 and Mauritius in early 2021, the company's sights are now set on scaling over the burgeoning e-commerce landscape of Africa.

The business model of Peach Payments is founded on enabling both small and substantial merchants to manage, accept, and make e-commerce and digital payments via mobile devices and the web. The company boasts a reputable client base including Zando and Aisha Pandor’s SweepSouth.

Endorsing the company’s growth and expansion plans, Jain cited the successful procurement of funds from an earlier capital raising. Reportedly, Apis Growth Fund II, an Apis Partners managed private equity fund, announced an investment of €29m (equivalent to about R579m) in Peach Payments, which trades under Baobab Payments.

According to Jain, the veritable focus for the funds would be to expand the already 150-strong team and establish new offices. Before this funding round, the company had raised an estimated $3m, which equates to around R56m.

Over the next few months, critical topics of discussion within the company will likely revolve around Peach’s current business model, its founding story, and its plans for further growth.

Each of these insightful conversations remains geared towards Peach Payments' overarching strategy of harnessing the exponential growth in Africa's e-commerce.