South African fintech company Stitch has raised $55 million in a Series B funding round. This new investment brings the startup’s total funding to $107 million since it launched four years ago. Stitch plans to use the funds to grow its in-person payments platform and improve its online payment products.
QED Investors led the Series B round. Other major investors include Glynn Capital, Flourish Ventures, and Norrsken22. Existing backers such as Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital also participated.
These investors are betting on Stitch’s ability to grow fast and serve big clients. Currently, Stitch works with major brands like Takealot, Mr. D, MTN, Vodacom, Shyft by Standard Bank, TFG’s Bash, Hollywoodbets, Luno, and The Courier Guy.
Gbenga Ajayi, QED Investors’ Head of Africa and the Middle East praised the Stitch team. He said the investors are excited to support founders who are changing the payments space across Africa and beyond.
Ajayi also said that Stitch has grown quickly over the past four years and has become a trusted name in payments. He added that the company’s move from being just a payment service provider (PSP) to becoming a full payment partner shows its vision and ability to solve real market needs.
In January, Stitch launched a product called Express. This is a simple checkout tool for online stores, especially those using Shopify or WooCommerce. Express makes it easier for customers to pay, helping online businesses increase sales.
Stitch also offers a wide range of payment options, including:
Stitch recently bought ExiPay, a provider of in-person payment solutions. The company rebranded ExiPay’s platform to “Stitch In-Person Payments,” which is designed for large companies that accept face-to-face payments.
With this acquisition, Stitch wants to help businesses handle all types of money movement—whether online or offline. The team believes now is the right time to grow faster and provide more services to their clients.
“We’re proud of how far we’ve come,” the Stitch team said in a statement. “We’re ready to help businesses move money in any way—online or offline—with full control over the payment process.”
Stitch was co-founded in 2020 by Kiaan Pillay (who earlier co-founded Nigeria’s ride-hailing app GoMyWay), Natalie Cuthbert, and Priyen Pillay. The company started in Cape Town and now works across Africa.
The startup offers an API (Application Programming Interface) that lets developers connect their apps to users’ financial accounts. This helps users view their balances, share transaction history, verify identity, and make payments.
Stitch charges companies per API call and offers fixed fees for some products, like budgeting apps and personal finance tools.
In 2021, Stitch entered the Nigerian market but chose to focus on payments instead of its data product. After talking with over 40 Nigerian fintech firms, including Paystack, Chipper Cash, Franc, and Yoco, the company found that payments had a stronger use case.
As part of its market strategy, Stitch offered free access to its payment solution in Nigeria until the end of that year.
Stitch has shown strong success in raising funds over the years. In February 2021, the company raised $4 million in seed funding. Later in October 2021, it added another $2 million in a seed extension to support its Nigeria expansion.
In February 2022, the Fintech company closed a $21 million Series A round led by The Spruce House Partnership, with participation from PayPal Ventures. A year later, in 2023, Ribbit Capital led a $25 million Series A extension, bringing total Series A funding to $46 million.
Looking ahead, Stitch aims to grow its product offerings and reach more African markets. The company wants to become a key player in modernizing Africa’s payment systems and solving big challenges through tech innovation.
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