South African fintech company Stitch has successfully secured an additional $55 million in funding, aimed at enhancing its comprehensive payment solutions for businesses throughout Africa. This strategic investment is poised to strengthen Stitch’s position within the continent’s rapidly evolving payments ecosystem, reflecting the growing demand for innovative financial technologies.
Among the contributors to this funding round is the African venture firm Raba Partnership, which invested $4.2 million, underscoring its ongoing confidence in Stitch’s vision and capabilities. This backing not only reinforces Stitch’s financial foundation but also highlights the increasing interest from investors in the African fintech space.
Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, and headquartered in Cape Town, Stitch has developed a unified payments platform that empowers businesses to manage transactions seamlessly across various financial institutions. By simplifying the integration process, Stitch enables companies to offer a wide array of payment options, significantly enhancing customer experience and operational efficiency.
Stitch has established a commendable track record in attracting investments to fuel its growth trajectory. In February 2021, the company raised $4 million in seed funding, followed by an additional $2 million in a seed extension in October 2021, which facilitated its expansion into the Nigerian market. The momentum continued in February 2022 when Stitch announced a $21 million Series A funding round, led by The Spruce House Partnership, with participation from prominent investors such as PayPal Ventures. Most recently, in October 2023, the company secured a $25 million Series A extension led by Ribbit Capital, bringing its total Series A funding to an impressive $46 million.
In a significant move to diversify its offerings, Stitch acquired Exipay, a payment solution provider, in January 2025. This acquisition marked Stitch’s entry into the in-person payments market, with Exipay’s platform being rebranded as “Stitch In-Person Payments.” This new service is specifically designed to cater to large enterprises that manage in-person transactions, further broadening Stitch’s service portfolio.
As Stitch continues to innovate and expand its product offerings, its influence on the African payments landscape is anticipated to be profound. The company’s initiatives exemplify the transformative potential of fintech innovations in addressing the unique challenges and opportunities present within Africa’s financial environment, paving the way for a more inclusive and efficient financial future.
