South Africa-based payments infrastructure company Stitch has announced a US$55 million Series B round of funding, which will enable the startup to deepen and expand its in-person payments offering, move into the acquiring space and further bolster its online payments suite.
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, which last raised funding with a US$25 million Series A extension round in 2023, has now secured a total of US$107 million in the last four years after announcing its US$55 million Series B. The round is led by QED Investors, and also includes new investors Flourish Ventures, Norrsken22 and Glynn Capital.
Stitch is focused on expanding its in-person payments solution, launched with its recent acquisition of ExiPay, and will soon add acquiring to its services list. Stitch offers a true omnichannel payment platform, allowing multi-lane retailers, telcos and other omni-channel businesses to modernise their in-store and online payment experiences. The upcoming move into acquiring means that Stitch will be able to offer its clients an end-to-end card product with full control over the whole product lifecycle.
“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.”
QED Investors partner and head of Africa and the Middle East, Gbenga Ajayi, said it had been impressive to watch Stitch’s rapid growth and execution in becoming a trusted payment provider over the last 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.
