The news
- Stitch has secured additional funding of $55 million.
- The investment aims to support Stitch’s expansion efforts and strengthen its position in the African fintech landscape.
- The fintech previously raised $46 million in venture capital.
South African fintech company Stitch has secured an additional $55 million in funding to enhance its end-to-end payment solutions for businesses across Africa. This strategic move is set to bolster Stitch’s role in the continent’s rapidly evolving payments landscape.
African venture firm Raba Partnership contributed $4.2 million to this round, highlighting the firm’s continued confidence in Stitch.
Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay and headquartered in Cape Town, Stitch offers a unified payments platform that enables businesses to manage transactions seamlessly across multiple financial institutions. By simplifying the integration process, Stitch allows companies to offer diverse payment options, thereby improving customer experience and operational efficiency.
Stitch has demonstrated a strong track record in securing investments to fuel its growth. In February 2021, the company raised $4 million in seed funding, followed by a $2 million seed extension in October 2021 to support its expansion into Nigeria. In February 2022, Stitch announced a $21 million Series A funding round led by The Spruce House Partnership, with participation from PayPal Ventures and other notable investors. In October 2023, the company secured a $25 million Series A extension led by Ribbit Capital, bringing its total Series A funding to $46 million.
Additionally, in January 2025, Stitch acquired Exipay, a payment solution provider, marking its entry into the in-person payments market. The acquisition led to the rebranding of Exipay’s platform as “Stitch In-Person Payments,” tailored to cater to large enterprises managing in-person transactions.
As the company continues to develop its product offerings and extend its reach, its impact on the African payments ecosystem is expected to be substantial. Stitch’s efforts exemplify the transformative potential of fintech innovations in addressing the unique challenges and opportunities within Africa’s financial landscape.
