South African fintech company Peach Payments has raised $31 million in a Series A funding round led by Apis Partners to help grow its product offering and accelerate its expansion across the African continent.

The startup provides a comprehensive toolkit for businesses to accept, manage and disburse payments through web and mobile platforms. It is the second-largest online payment gateway in South Africa, and it has expanded to Kenya and Mauritius.

Peach Payments has enjoyed rapid growth in recent years, with revenue increasing by more than 650% since 2020 and 80% in 2022 alone. The funding round will help Peach Payments deepen its product offering, reinforce its core merchant value proposition, and expand into new African markets.

Apis Partners, a UK-based asset manager, will support Peach Payments' growth and geographic expansion through its networks and experience in scaling leading payment companies.

The investment from Apis Partners is subject to approval from the Competition Commission of South Africa and customary procedural and closing conditions. Peach Payments' existing investors include Launch Africa, AG Ventures, and UW Ventures.