South Africa-based payments infrastructure company Stitch has secured a $25 million Series A extension round aimed to expand its services into additional global markets.
The funding which was led by Ribbit Capital with support from existing investors such as PayPal Ventures, The Raba Partnership, and CRE Venture Capital and 9 Yards Capital, brings Stitch’s total funding to $52 million.
“We’ve known the Ribbit team for a few years and have consistently been impressed with their knowledge of the space. In particular, they have a strong view of the global landscape, and their exceptional understanding of emerging markets has already proven to be immensely valuable,” stated Stitch co-founder and CEO Kiaan Pillay.
Founded in South Africa, Stitch is an API fintech company that provides tailored payment solutions to enterprise clients worldwide.The company’s services include accepting payments via various methods, managing payments across multiple providers and geographies through its PayOS dashboard, and facilitating effortless fund disbursement.
The company stands out from its competitors because of its hands-on client support, providing localised insights into the payments landscape, co-created solutions, and access to cutting-edge open banking innovations.
These innovations, including solutions like Pay by bank and real-time payments rails, empower businesses to effortlessly navigate the financial system, simplifying the complexities associated with sending, receiving, and managing funds.
The company’s robust infrastructure is the backbone for several leading global and African businesses, including industry giants like MTN, Multichoice, The Foschini Group (TFG), Standard Bank’s SnapScan, Yoco, and various global payment service provider partners.
This funding round follows Stitch’s earlier successes, including a $21 million Series A round in February 2022 and a $6 million Seed round in 2021.
This latest funding round positions the company strongly to expand its reach, innovate its offerings, and reinforce its commitment to simplifying payment processes for businesses worldwide.
