FINTECH AFRICA | South African Fintech, Peach Payments, to Expand BNPL Offering in New Deal with Float
Published 3 months ago• 3 minute read
South African fintech, Peach Payments, has entered a strategic partnership with Float, the country’s first credit card-linked instalment platform.
Through the partnership thousands of Peach Payments merchants will be able to incorporate Float at checkout, providing consumers with a smooth, interest-free installment option that enhances the online shopping experience.
Unlike conventional Buy Now, Pay Later (BNPL) services that typically involve new credit lines, Float utilizes existing credit cards to divide payments over several months – interest-free and without extra charges. This enables shoppers to manage their finances more effectively while ensuring timely credit card repayments.
For merchants, the advantages are significant, as laid out by Float. Retailers integrating Float experience a 134% increase in average basket size, improved conversion rates, and access to a high-value customer base with pre-approved credit card facilities.
With over 10 years of experience, Peach Payments has established itself as a leader in online payment solutions, providing a full range of payment options, including card payments, bank transfers, BNPL, QR codes, digital wallets, and pay-out solutions for businesses.
“We’ve seen a rising demand for BNPL solutions, particularly in how they drive conversion rates for merchants.
By integrating Float, we continue to add value to our merchants by expanding their payment options and helping them attract more customers,” said Anine de Kock, Head of Partnerships at Peach Payments.
Peach Payments has remained at the cutting edge of fintech innovation, earning a spot on CB Insights’ list of the 100 Most Innovative Fintech Startups of 2024.
LIST | 7 African Startups Make it to 2024 CB Insights List of 100 Most Promising Startups Worldwide
Listed in order of their ranking, the featured African fintech startups are as below.https://t.co/ggtTQUqwkH @CBinsights pic.twitter.com/QAF3zWr19J
— BitKE (@BitcoinKE) October 31, 2024
In April 2023, Peach Payments secured its largest venture funding to date, raising $31 million in a Series A round, with participation from:
South Africa’s 🇿🇦 Second Largest Online Payment Gateway, Peach Payments, Secures $31 Million in Series A Funding
Peach has set its sights on further expansion buoyed by strong growth in recent years. The fintech startup’s revenue has surged by over 650% since 2020, and by 80% in… pic.twitter.com/CwYFPmfnAt
— BitKE (@BitcoinKE) April 14, 2023
Likewise, Float was recognized with the SA Fintech Startup of the Year award at the SCZA Awards 2024.
See also
“Partnering with Peach Payments marks yet another key milestone for Float, enabling thousands of merchants to boost sales with flexible, card-linked instalment solutions that empower shoppers with responsible payment options,” says Alex Forsyth-Thompson, CEO of Float.
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