South African online payments firm Peach Payments is looking to enter new markets after securing $31 million in funding led by Apis Growth Fund II.

Peach Payments is the second largest online payment gateway in South Africa and has operations in Kenya and Mauritius. It now plans to enter new African markets.

It provides a toolkit that enables merchants to accept, manage and make payments via mobile and the web. Services offered include online payment acceptance, pay-outs, and subscription solutions across a variety of payment types including cards, electronic funds transfer, digital wallets, mobile money, and BNPL.

The firm, with 150 staffers, has seen revenue growth of 650% since 2020 as South Africans increasingly turn to online shopping.

Matteo Stefanel, managing partner, Apis Partners, says:

"We continue to see significant opportunity in African payments as strong secular trends that are not related to annual business cycles - such as the conversion from cash to digital and in-store to online payments - persist across key markets. We have been impressed by the vision and execution of the management team as Peach Payments capitalises on these trends to bring more end-users into the digital economy, a key part of our drive to democratise access across the continent."