To strengthen its enterprise payments infrastructure offering, Stitch raised $55 M Series B funding

In order to strengthen its online payments suite, enter the acquisition market, and deepen and expand its in-person payments offering, South Africa-based payments infrastructure startup Stitch has announced a US $55 million Series B round of funding.

Stitch is a payments infrastructure startup that was founded in February 2021 and assists companies in growing more quickly and efficiently. The Stitch payments tools and API make it easier for companies in a variety of industries to connect to the financial system and provide their customers with enjoyable experiences.

After announcing its US$55 million Series B round, the startup, which last raised capital with a US$25 million Series A extension round in 2023, has now raised a total of US$107 million in the last four years. Along with new investors Flourish Ventures, Norrsken22, and Glynn Capital, QED Investors is leading the round.

With the recent acquisition of ExiPay, Stitch is concentrating on growing its in-person payments solution and will shortly be adding acquisition to its list of offerings. Multi-lane retailers, telcos, and other omni-channel companies can modernize their in-store and online payment experiences with Stitch’s true omnichannel payment platform. Stitch will be able to provide its customers with an end-to-end card product with complete control over the entire product lifecycle thanks to its impending acquisition.

“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, head of Africa and the Middle East and partner at QED Investors, said it was amazing to see how quickly Stitch grew and developed into a reliable payment provider over the previous four years.

“Stitch has consistently delivered world-class payment solutions, empowering global merchants with seamless, reliable and innovative experiences. Their ongoing expansion from a PSP to a comprehensive payments partner, including robust in-person payments and acquiring solutions, demonstrates their unique ability to anticipate market needs and execute at scale. 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,” he said.