Fintech Stitch announces US$25m Series A funding extension

South African fintech Stitch has closed a US$25m Series A funding extension, in a round led by Ribbit Capital that brings the total raised to US$52m

South African-based fintech Stitch raised US$25m in a Series A funding round led by venture capitalists Ribbit Capital, bringing the total generated in the round to US$52m. 

Stitch says it will use its additional funding to continue building its end-to-end payments solutions, which it hopes will meet complex and evolving payments needs for its global enterprise clients, expanding its reach across markets. 

This is made possible in large part by lead investor Ribbit Capital, but the fintech has also received additional funding from existing investors; PayPal Ventures, The Raba Partnership and CRE Venture Capital have all renewed their support for Stitch. 

The extension round also sees new investors place their faith in Stitch, 9Yards Capital is a notable new source of funding in the fintech. 

Stitch: At the forefront of innovation

But, why is the South African fintech attracting such significant investment, what is it offering? 

Primarily, Stitch serves enterprise businesses with its end-to-end payments solutions, helping clients to accept payments via ay by bank, debit and credit card, manual bank transfer, recurring debits and cash. 

Leveraging Stitch’s PayOS dashboard, clients will be able to better manage, orchestrate and reconcile payments across multiple methods, providers and geographies, easily distributing funds using the fintech’s payouts disbursement service. 

With hands-on client support, Stitch offers localised insights into the payments landscape, providing customers with the latest open banking innovations. 

The fintech currently powers infrastructure used across global and African businesses across sectors, including MTN, Multichoice, The Foschini Group, Standard Bank’s SnapScan and Yoco

Its support of these organisations will now be enhanced following additional funding.

Stitch Co-founder and CEO Kiaan Pillay says: “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.

“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.”

The news comes after Stitch launched a recent rebrand, to better suit its evolution as a growth-stage business focused on serving enterprise clients. 


For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, FinTech LIVE London, coming on 8-9 November 2023.


BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.


Featured Articles

WE’RE LIVE! FinTech LIVE Dubai

Back for another day, this time in Dubai! FinTech LIVE Dubai is LIVE, don’t miss out on your chance to hear from Swift, HSBC, Mastercard and many more

Amberdata: RWA tokenisation gains significant momentum

Explore the world of RWA Tokenisation and why finance professionals are investing in the technology for sustainable growth and risk mitigation

WE’RE LIVE! FinTech LIVE Singapore

Kickstarting the year of events for FinTech LIVE, FinTech LIVE Singapore returns featuring speakers from Amberdata, Standard Chartered, ING, WeLab and more

FinTech LIVE Singapore: Just One More Day to Go!

Financial Services (FinServ)

Top 100 Women 2024: Allison Paine Landers, UBS - No. 10


Top 100 Women 2024: Akila Raman-Vaseghi, Goldman Sachs No. 9

Financial Services (FinServ)