Stich, a Fintech payments venture based in South Africa, has raised $55 million in a Series B funding round led by QED Investors.
Other investors include Flourish Ventures, Norrsken22, and Glynn Capital. Existing investors include Ribbit Capital, PayPal Ventures, Firstminute Capital, and angels like Trevor Noah.
In total, Stitch has now raised $107 million.
Launched in 2021, Stitch is a payments infrastructure firm that supports businesses connecting to the financial system. Customers include top enterprises like Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno, and others.
Stitch is said to be currently focusing on in-person payments following the acquisition of ExiPay. Stitch is an “omnichannel”
payments provider that helps firms modernize payments.
Their product includes the panopoly of channels like card, Pay by bank, Apple Pay, Google Pay, Samsung Pay, Capitec Pay, Absa Pay, Nedbank Direct EFT, manual EFT, cash, DebiCheck, 24/7, 365 payouts, In-person payments, etc.
QED Investors Partner and Head of Africa and the Middle East Gbenga Ajay says Stitch has consistently delivered on its services and their expansion from PSP to a comprehensive payments provider means they can execute at scale.
The Stitch team shared.
“We’re super excited and proud to be where we are in the market today. 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. It felt like the right time to more aggressively expand our offering so we can further serve our clients.
