South African fintech startup Stitch has announced a US$25 million Series A extension round led by Ribbit Capital, which will be used to continue building out its end-to-end payments solutions, and expand to additional markets.
Founded in February 2021, Stitch is a payments infrastructure company that helps businesses scale faster, and operate more efficiently. The Stitch payments API and tools reduce the effort required for businesses across sectors to connect to the financial system and deliver delightful experiences for their users.
The startup raised US$6 million seed funding in 2021, and quickly moved on to Series A with a US$21 million round in February of last year. Since then it has expanded its offering, launching the Stitch payments suite, and WigWag, a no code payment links platform for small businesses.
Stitch has now announced a US$25 million extension to that Series A round, taking total funding secured by the company to US$52 million. The round was led by Ribbit Capital, and included existing investors including PayPal Ventures, The Raba Partnership and CRE Venture Capital. Several new investors have also joined, including 9 Yards Capital.
The funding will be used by Stitch to continue building its end-to-end payments solutions – designed to meet complex and evolving payments needs for global enterprise clients – and expand its reach to serve more markets. It currently has offices in Cape Town, Johannesburg and Lagos.
“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.”
