South African fintech Stitch has announced that it has raised $25 million in a Series A extension.
The extension round of funding was led by global fintech investor Ribbit Capital, with existing backers, including CRE Ventures, PayPal Ventures, and the Raba Partnership, participating in the round.
This brings Stitch’s total Series A to $46 million.
About Stitch
Stitch enables businesses to build, optimize, and scale financial products and provides API gateways to improve the conversion for online payments and optimize payment operations for its clients.
Stitch customers can accept payments via pay by bank, debit and credit card, recurring debits, cash, and manual bank transfer; manage, orchestrate, and reconcile payments across multiple methods, providers, and geographies in one dashboard with PayOS; and disburse funds via payouts.
Stitch’s end-to-end payment solutions are primarily offered to enterprise businesses in South Africa including MTN, Multichoice, the Foschini Group (TFG), Standard Bank’s SnapScan, and Yoco.
By The Numbers
Stitch has raised a total of $52 million in venture capital (including a $6 million seed).
The company, which has over 80 employees, plans to use its Series A money to continue developing its platform, expanding its customer base, and seizing opportunities to serve new markets.
What They’re Saying
“Everything we do is client-focused. We’ll continue to optimize for what they have. And then scale geographically with them and deeper in products they already have,” said Kiaan Pillay, Stitch CEO.
“We also want to continue adding as many first-party payment methods as possible. Our value proposition has been precision engineering and deep infrastructure, so, for instance, we are looking at connecting to card and bank rails without intermediating. Things like this are often slow and capital intensive; that’s why we raised.”
Source: Techcrunch
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