South African payments infrastructure company, Stitch, raises $25 million in Series A extension to expand its payment solutions and market reach.
Facts
- Stitch, a payments infrastructure company based in Cape Town, South Africa, has secured $25 million in a Series A extension funding round.
- Founded in 2019, Stitch offers businesses payment management, orchestration, reconciliation, and acceptance services, as well as fund disbursement through its API connectivity and direct connections with banks and networks.
- The funding round was led by Ribbit Capital, a Silicon Valley-based venture capital firm, and follows a $21 million Series A round in February 2022.
- Stitch plans to use the funding to further develop its end-to-end payment solutions and expand its presence in more markets.
- Kiaan Pillay, Stitch’s co-founder and CEO, praised Ribbit Capital for its global perspective and understanding of emerging markets, emphasizing their immense value.
- Existing investors like PayPal Ventures, CRE Venture Capital, and The Raba Partnership participated in the extension, alongside new investor 9 Yards Capital.
- With this extension, Stitch has raised a total of $52 million, building on its earlier $6 million seed round in 2021.
