Stitch, South African-born payments infrastructure start-up, announced today a $25 million Series A extension, led by Ribbit Capital. This brings the total amount raised by Stitch to $52 million.
The fintech will utilise the funds to continue developing its end-to-end payments solutions, which it says are designed to meet the growing payment needs of global enterprise clients. The funds will also be used to expand its presence into new countries.
In addition to Ribbit Capital, previous investors such as PayPal Ventures, The Raba Partnership, and CRE Venture Capital have reaffirmed their support, and numerous new investors have joined, including 9 Yards Capital.
“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.
Since the commercial launch two years ago, companies including MTN, Multichoice, The Foschini Group, Standard Bank's SnapScan and Yoco, have all started using Stitch infrastructure.
According to Stitch, it provides custom-built, co-created solutions, and access to the latest open banking innovations, such as ‘pay by bank’ solutions and real-time payments rails.
It says: “These technologies allow businesses to rapidly access the financial system and eliminate the complexity of sending, receiving, and maintaining payments. Stitch operates at the infrastructure level, leveraging direct connections with banks and networks to eliminate middlemen and achieve improved reliability, higher uptime, and faster issue resolution.”
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