, a South African fintech startup, has announced a substantial US$25 million extension to its Series A round, with Ribbit Capital leading the investment. This infusion of capital will be dedicated to the expansion of its comprehensive payment solutions and the ventures entry into fresh markets.
Having initially secured a US$6 million seed funding round in 2021, the company rapidly progressed to its Series A funding, raising an impressive US$21 million in February of the following year.
During this journey, Stitch significantly broadened its service portfolio, introducing the Stitch payment suite and launching WigWag, a user-friendly platform facilitating no-code payment links tailored for small businesses.
With this recent Series A extension of US$25 million, the startup has now accumulated a total funding of US$52 million.
PayPal Ventures, The Raba Partnership, and CRE Venture Capital, along with new investors like 9 Yards Capital, have come together to support Stitch in its latest funding round. Ribbit Capital led this round. Established in 2021, Stitch offers a payment processing platform designed to optimize business operations. Through the Stitch payments API and accompanying tools, organizations across various sectors can seamlessly integrate with the financial system, enhancing customer experiences.
We have known the Ribbit team for several years, and their extensive expertise in this field has consistently impressed us. Their deep insights into the global landscape, especially emerging markets, have already proven to be incredibly valuable, stated Kiaan Pillay, the co-founder and CEO of Stitch.
Stitch plans to use the funding to expand its services to a broader range of markets and continue enhancing its end-to-end payment solutions. These solutions are designed to meet the evolving and intricate payment requirements of their international corporate clients. Currently, Stitch maintains offices in Lagos, Cape Town, and Johannesburg.
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