Investment of $50M in Stitch's Series B round bolsters African payment expansion efforts
Stitch Strengthens Payment Services with $107 Million Funding
Stitch, a leading embedded payments platform, has announced a significant boost to its online payment services following a successful fundraising round of $107 million.
The new funding will be utilized to further enhance Stitch's in-person payment offerings, as well as to strengthen its online and API-driven banking and payment product offerings. This expansion is expected to improve financial infrastructure integration.
In January, Stitch made its foray into the acquiring space by acquiring the Dutch company ExiPay, rebranding it as "Stitch In-Person Payments". This move aimed to offer in-person card and alternative payment solutions to enterprises and retail businesses. More recently, Stitch finalized the acquisition of Efficacy Payments, securing direct card acquiring capabilities within South Africa.
Stitch's broader mission is to modernize and improve financial infrastructure to build a more inclusive financial system. By enabling businesses to seamlessly connect to the financial system, Stitch aims to provide a better user experience and optimized operations.
The funding round was backed by existing investors Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital, as well as new investors Glynn Capital, Flourish Ventures, and Norrsken22.
Stitch's comprehensive payment solutions are already in use by major enterprise businesses across South Africa, including Takealot, Mr. D, MTN, Vodacom, Standard Bank's Shyft, TFG's Bash, Hollywoodbets, Luno, The Courier Guy, and others.
Stitch made its public debut in February 2021. With this latest funding, the company is poised to make significant expansions and enhancements to its payment services, further solidifying its position in the market.
The new funding, amounting to $107 million, will be channeled towards strengthening Stitch's online and API-driven banking and payment product offerings, and further enhancing its in-person payment offerings. With this funding, Stitch aims to improve financial infrastructure integration, as part of its broader mission to modernize and create a more inclusive financial system.
