Peach Payments, a South African fintech, has raised $31 million in Series A funding to expand across Africa.

Peach Payments, a South African fintech company, has raised $31 million in a Series A funding round led by Apis Partners. This money will help the company grow its product line and speed up its growth across Africa.

The startup gives businesses a full set of tools for accepting, managing, and sending payments through the web and mobile apps. It is the second-largest online payment platform in South Africa, and it has also spread to Kenya and Mauritius.

In the past few years, Peach Payments has proliferated, with sales increasing by more than 650% since 2020 and by 80% in 2022 alone. With the money, Peach Payments can add more products, improve its core merchant value proposition, and move into new African countries.

Apis Partners, an asset manager based in the UK, will help Peach Payments grow and expand into new areas using its networks and experience scaling up big payment companies.

The investment from Apis Partners is conditional on approval from the Competition Commission of South Africa and other standard conditions related to ending and how things are done. Launch Africa, AG Ventures, and UW Ventures are already partners in Peach Payments.