Stitch Raises $25M in Series A Extension
Stitch has recently concluded a successful $25 million Series A Extension funding round led by Ribbit Capital. This investment will be used to transform the payment landscape. The company is known for its innovations and has rapidly evolved from a start-up to a trusted payments provider for significant businesses operating in South Africa.
Stitch has notable clients, including MTN, Multichoice, The Foschini Group’s Bash, HollywoodBets, LottoStar, Luno, Yoco, and many more. The firm is processing approximately 50 million payments annually, totaling over $2 billion in value. Stitch has showcased substantial growth in a relatively short period.
The company has diversified its offerings by:
- We are progressing from a single-method payments provider to an end-to-end payment solutions provider with eight pay-in methods.
- Comprehensive payout capabilities.
- A robust payments management platform,” PayOS.”
Stitch recently underwent a rebrand, highlighting the company’s commitment to offering exceptional payment services while retaining its distinctive purple branding. Stitch is strategically focused on enabling efficient money movement for large enterprises. As a result, it has developed a simplified, no-code product named WigWag, designed for SMEs.
Stitch’s Vision of Simplifying Financial Experiences for Clients
The company aims to build client-centric infrastructure and tools to simplify financial experiences. Stitch remains attuned to industry trends, notably multi-method payments, multi-provider environment embedded payments, complex amount flows, and unified commerce. Over the past year, Stitch has successfully developed and tested its orchestration and reconciliation services through PayOS. This platform enables clients to transform their payments and streamline finance operations. Moreover, it allows centralized transaction management and data analysis for optimal performance.
Investors and clients are optimistic about Stitch’s prospects because of its deep understanding of payments and unwavering commitment to tailoring solutions to specific business needs. Stitch’s unique strategy of partnering with businesses to comprehensively understand their requirement sets them apart in the competitive fintech landscape.
Additionally, Stitch is enthusiastic about the vast potential within South Africa, with a highly banked population, a burgeoning open banking ecosystem, widespread internet and mobile penetration, and numerous established enterprise businesses. The company is determined to expand further this dynamic market while eyeing international expansion.
With the backing of top-tier investors and partners in the fintech industry, Stitch is well-positioned for continued growth, eagerly anticipating the milestones ahead as they strive to redefine the payment experience for businesses and consumers alike.
