A US $25 million Series A extension round, led by Ribbit Capital, will be used by South African fintech startup Stitch to further develop its end-to-end payment solutions and enter new markets.
Stitch is a company that provides payment infrastructure and supports business growth and efficiency. It was founded in February 2021. The Stitch payments API and tools make it easier for companies from various industries to connect to the financial system and provide their customers with delightful experiences.
Following a US $6 million seed round in 2021, the startup quickly transitioned to Series A with a US $21 million round in February of last year. Since then, it has increased the range of services it offers by introducing the Stitch payments suite and WigWag, a platform for no-code payment links for small businesses.
Currently, Stitch has disclosed a US $25 million extension to that Series A round, bringing the company’s total funding raised to US $52 million. The Raba Partnership, PayPal Ventures, and CRE Venture Capital were among the existing investors in the round, which was headed by Ribbit Capital. Additionally, a number of new investors have joined, including 9 Yards Capital.
Stitch plans to use the funding to broaden its market coverage and keep developing its end-to-end payment solutions, which are intended to meet the complex and changing needs of global enterprise clients. Currently, it has offices in Lagos, Cape Town, and Johannesburg.
“We’ve known the Ribbit team for a few years and have consistently been impressed with their knowledge of the space. In particular, they have a strong view of the global landscape, and their exceptional understanding of emerging markets has already proven to be immensely valuable,” said Stitch co-founder and CEO Kiaan Pillay.
“We couldn’t be more excited to welcome Ribbit and to receive additional support from partners that have been a significant part of our journey thus far. We’ve seen substantial growth since we emerged from stealth just over two years ago, and we look forward to finding more ways to anticipate and address the needs of the large, global enterprises we serve as the payments landscape continues to evolve.”
