Electronic payment platform sees 400% growth in monthly customer acquisitions
By Edward West
This article first appeared on IOL
Peach Payments, an electronic payments platform for entrepreneurs, SMEs, and large businesses in South Africa, said in May that it had grown monthly customer acquisitions by 400% since February.
“Our many new enterprise customers have aggressive timelines and are looking for easy to deploy payment solutions to speed up their time to market,” co-founder Rahul Jain said in a statement.
Several JSE listed companies had selected Peach as their payments partner for their online commerce channels, he said.
He said the firm had raised growth funding to drive its expansion into Africa. UW Ventures in partnership with Alan Gray had led the latest round of funding to accelerate product development and extend market reach.
Peach Payments’ online payment solutions claims a significant market share in the enterprise space, and a fast-growing SME base. This was aligned with UW Ventures and Allan Gray’s ethos of enabling SME growth and investing in South African entrepreneurs.
“The company is growing revenue north of 100% a year and has established a presence in both Mauritius and Kenya, with further market expansion planned over the medium term. We see significant revenue growth even during this crisis,” said Jain.
The growth was being driven by accelerating consumer adoption of e-commerce and by developing more localised products for African merchants, said Jain.
“Our relationship with UW Ventures and Allan Gray will further our ambition to help drive the growth of digital commerce in Africa,” he added.
Andreas Demleitner, co-founder of Peach Payments said that “with this funding, we’ve expanded to include support for new platforms such as Xero and Wix – to make it easier for African start-ups and SMEs to easily take their business online.”
As a South African first, Peach Payments now allowed entrepreneurs to use the Wix platform to build online businesses with card processing and EFT solutions.