They previously secured $3 million in pre-seed funding in 2020, followed by a $10 million seed round in 2021. With this latest funding round, Stitch is gearing up to expand its reach across Africa and enhance its product offerings to meet the growing demand for efficient payment solutions on the continent.
According to Kiaan Pillay, co-founder and CEO of Stitch, the new funding will be used to accelerate the company’s growth and further develop its technology to better serve their customers. With the increasing digitization of businesses in Africa, the demand for seamless payment solutions is on the rise, and Stitch aims to be at the forefront of providing innovative solutions to address this need.
As the fintech sector in Africa continues to grow rapidly, with more businesses and consumers embracing digital payment options, companies like Stitch play a crucial role in enabling seamless and secure transactions. By simplifying the payment process for businesses and offering a range of payment options to customers, Stitch is helping to drive financial inclusion and empower businesses to thrive in a digital economy.
With the support of investors like Raba Partnership and other backers, Stitch is well-positioned to scale its operations and make a significant impact in the fintech space in Africa. As the company continues to innovate and expand its offerings, we can expect to see more businesses across the continent leveraging Stitch’s platform to streamline their payment processes and drive growth.
That’s all for now. Stay tuned for more updates on the latest tech news and developments from Africa and beyond.
Until next time,
Victoria
Stitch, a fintech startup, has been making waves in the African market with its impressive fundraising efforts. They began with a $4 million seed round in 2021, followed by an additional $2 million later that year to expand into Nigeria. In 2022, they raised a substantial $21 million in a Series A round led by The Spruce House with PayPal Ventures also participating. This was followed by a $25 million Series A extension in 2023, led by Ribbit Capital, bringing their total Series A funding to $46 million.
Early this year, Stitch made a significant move by acquiring Exipay, a company specializing in in-person payments. This acquisition allowed Stitch to enter the physical point-of-sale solutions market, and they have since rebranded the platform as “Stitch In-Person Payments,” targeting larger businesses that require in-store or on-the-ground payment solutions.
These developments indicate that Stitch is positioning itself as a key player in Africa’s rapidly growing fintech sector. As businesses seek reliable and flexible payment systems that can work seamlessly across borders and platforms, Stitch is strategically positioning itself to lead the charge in this space.
In other news, Somalia’s largest telecom operator, Hormuud Telecom, is undergoing a leadership transition. The company’s founder and current CEO, Ahmed Yusuf, has announced his decision to step down on June 1, while remaining as the chairman of the board. Mohamed Farah, who has been with the company for over two decades and most recently served as deputy chairman, will be taking over as the new CEO. Farah’s focus will be on leading Hormuud’s humanitarian strategy, expanding digital access in remote areas, and ensuring mobile services are accessible to all, with a particular emphasis on increasing smartphone access for Somalis.
Hormuud Telecom has been making significant strides, including the launch of Somalia’s first 5G network in March 2024, and plans to expand solar-powered data centers to meet the growing demand for AI-driven data processing by December 2024. With over 4 million customers and providing Internet and mobile services to over 80% of Somalia, Hormuud Telecom faces competition from other telecom operators in the region.
As Stitch and Hormuud Telecom continue to innovate and expand their services, they are poised to play pivotal roles in shaping the future of fintech and telecommunications in Africa. With their focus on technological advancement and customer-centric solutions, both companies are set to make a lasting impact in their respective industries. The world of technology is constantly evolving, with new innovations and advancements being made every day. From artificial intelligence to virtual reality, the possibilities seem endless. One of the most exciting developments in recent years is the rise of blockchain technology.
Blockchain technology is a decentralized and distributed ledger system that allows for secure and transparent transactions to be made without the need for a central authority. This technology has gained popularity for its ability to revolutionize various industries, including finance, healthcare, and supply chain management.
One of the key features of blockchain technology is its ability to create a tamper-proof record of transactions. Each transaction is verified and recorded on a block, which is then linked to the previous block, creating a chain of blocks. This ensures that all transactions are secure and cannot be altered or deleted.
Another advantage of blockchain technology is its transparency. Since all transactions are recorded on a public ledger, anyone can view the transaction history. This eliminates the need for intermediaries and reduces the risk of fraud.
Blockchain technology has the potential to disrupt many industries. In finance, blockchain technology can streamline processes, reduce costs, and improve security. It can also enable faster and more secure cross-border transactions.
In healthcare, blockchain technology can improve patient data management, ensure the security and privacy of patient records, and enable better collaboration between healthcare providers.
In supply chain management, blockchain technology can enhance transparency and traceability, reduce fraud and counterfeiting, and improve efficiency.
Overall, blockchain technology has the potential to transform the way we conduct business and interact with each other. As more industries adopt this revolutionary technology, we can expect to see even more innovation and growth in the years to come.
