Fintech Stitch announces US$25m Series A funding extension
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.
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