The Stitch team.

Stitch, a payments infrastructure start-up based in South Africa, said today it has raised $55 million in Series B funding lead by QED Investors, allowing the fast-growing team to deepen and expand its in-person payment offering.

According to the company, this allows it to expand into the acquiring space and strengthen its online payments suite to better support enterprise merchants across all payment needs.

This round takes the overall capital to $107 million over four years.

Stitch stated the round will bring major global investing strength - including QED Investors, Flourish Ventures, Norrsken22, and Glynn Capital - to the company's already extensive roster of backers, which includes Ribbit Capital, PayPal Ventures, Firstminute Capital, and angels such as Trevor Noah.

"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.”

It added: “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."

Stitch said it has seen impressive growth since emerging from stealth in February 2021, standing because of the team’s deep understanding of the payments needs and requirements for enterprise merchants.

QED Investors Partner and Head of Africa and the Middle East Gbenga Ajayi, commented: “Having closely followed the Stitch team over the past four years, it's been impressive to watch their rapid growth and execution in becoming a trusted payment provider.

“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, confident that Stitch will continue to set new standards in the payments industry across Africa and beyond."

Stitch team is currently focused on expanding its In-person payments solution, launched with acquisition of ExiPay in 2025, and will soon add acquiring to its services list, said the company.