Stitch, a South African API finance startup, has increased its seed financing from US $4 million to US $6 million and announced its entry into Nigeria.
The Stitch API lets developers quickly link apps to bank accounts, allowing users to exchange transaction histories and balances, validate their identities, and make payments.
Personal finance, loans, insurance, payments, and asset management are just a few of the services that can benefit from this technology. Fintechs may also use Stitch to work more safely and compliantly with traditional financial institutions.
Leading global fintech entrepreneurs Tom Blomfield, co-founder of Monzo; Matt Robinson, co-founder of GoCardless; Emilie Choi, president of Coinbase; and Charlie Delingpole, founder of ComplyAdvantage participated in the seed round, which was extended by US$2 million with participation from investors including Tom Blomfield, co-founder of Monzo; Matt Robinson, co-founder of GoCardless; Emilie Choi, president of Coinbase; and Charlie Delingpole,
Stitch will be able to accelerate development, deploy their solution, and continue to grow their team on the ground in Nigeria as they prepare to expand throughout the continent with the help of this seed extension. Stitch will launch with a seamless, tokenized pay-by-bank offering to assist Nigerian companies and fintech in improving their user experience, eliminating fraud, and lowering expenses associated with alternative payment methods.
“Our goal is to become the go-to partner for any businesses building financial products in Africa. Access to the infrastructure Stitch is building can better enable these businesses to develop increasingly innovative solutions. They can now move money and access critical customer account data, while saving on costs, in hours rather than months,” said Stitch co-founder & chief executive officer (CEO) Kiaan Pillay.
“We’re super excited to be launching in Nigeria today, with support from some of the most incredible fintech founders and operators globally. Nigeria is one of the most active markets on the continent, if not the world, for fintech. The opportunity we see here is endless.”
Stitch, according to Blomfield, is helping to establish the infrastructure that will allow firms wishing to scale digital banking solutions in Africa to grow exponentially.
“I see a lot of potential in African markets, where the wave of digital finance innovation is really beginning to gain momentum, and the Stitch team is getting in at precisely the right time. The team is one of the best I’ve seen globally, and I’m excited to see them continue to grow in Nigeria and beyond,” he said.
