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Stitch raises $25M Series A Extension, Increasing the Round’s Total to $46M
Stitch payments solutions help businesses seamlessly connect to the financial system, so they can scale faster
South African based fintech company Stitch has secured $25 million in an extension round of funding led by global fintech investor Ribbit Capital, bringing its total Series A funding to $46 million. This funding injection aims to solidify Stitch's position as a market leader in the open banking and payments segment. Stitch's innovative platform empowers businesses to create, optimize, and expand financial products while enhancing online payment conversions and streamlining payment operations through its API gateways. With prominent backers such as CRE Ventures, PayPal Ventures, and the Raba Partnership, Stitch is on track to process over 50 million transactions, totaling $2 billion in total payment volume (TPV) this year. The company's growth into a full payment service provider caters primarily to enterprise businesses in South Africa, with some presence in other African countries.
Stitch's evolution from a single-method platform to a comprehensive payment solution provider has positioned it to serve both local and global enterprises seeking to navigate the African market. In a region where card integration isn't prevalent, Stitch offers a diverse range of payment options, making it particularly appealing to global consumer internet companies looking to expand into Africa. The fintech's strategy of modular product development has resonated well with large enterprise clients, who quickly adopt multiple features to meet their evolving payment needs. Stitch's direct connections with banks and networks, coupled with its commitment to client support, enhances reliability, uptime, and problem resolution for its customers. As the company continues to optimize its offerings and expand geographically, this new funding round will play a pivotal role in driving its growth and development.
Read more in TechCrunch.