South Africa: Cape Town fintech Stitch secures $53mln in funding
Payments infrastructure company Sitch a $55m (R1bn) Series B funding round, led by global investment firms QED Investors, Glynn Capital, Flourish Ventures, and Norrsken22, with participation from existing backers Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital.
This brings Stitch's total funding to $107m since launching four years ago. The company plans to use the latest round to deepen and expand its in-person payments offering, move into the acquiring space, and further enhance its online payments suite.
'We're super excited and proud to be where we are in the market today. We feel we've earned the right to work with clients across the board – not just for online or in-person payments but with any money movement needs,' said the Stitch team.
'It felt like the right time to more aggressively expand our offering so we can further serve our clients. We've been fortunate to know all the new investors in the round for many years, and they all come with an impressive amount of fintech experience, including support in scaling similar businesses in other markets.'
Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, commented:
'Having closely followed the Stitch team over the past four years, it's been impressive to watch their rapid growth and execution in becoming a trusted payment provider.
'At QED Investors, we're thrilled to partner with such visionary founders and confident that Stitch will continue to set new standards in the payments industry across Africa and beyond.'
Stitch currently supports some of South Africa's top enterprise businesses, including Takealot, Mr. D, MTN, Vodacom, Standard Bank's Shyft, TFG's Bash, Hollywoodbets, Luno, The Courier Guy, and more.
Its platform includes a full suite of end-to-end payment methods:
- Card, Pay by bank, Apple Pay, Google Pay, Samsung Pay, Capitec Pay, Absa Pay, Nedbank Direct EFT, DebiCheck, manual EFT, cash, and 24/7, 365 payouts
- In-person payments across multi-lane retail and omnichannel businesses
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