Stitch Secures $55 Million in Funding to Boost African Fintech Expansion
South African fintech company Stitch has recently announced a significant milestone in its growth journey, securing an additional $55 million in funding. This latest investment round is geared towards enhancing Stitch’s end-to-end payment solutions for businesses operating across Africa, solidifying its position in the continent’s dynamic fintech landscape.
The funding round saw participation from various investors, with African venture firm Raba Partnership contributing $4.2 million, underscoring their continued confidence in Stitch’s vision and capabilities.
Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, Stitch is headquartered in Cape Town and offers a unified payments platform that streamlines transaction management for businesses working with multiple financial institutions. By simplifying the integration process, Stitch empowers companies to offer a diverse range of payment options, ultimately enhancing customer experience and operational efficiency.
Stitch has a history of successfully securing investments to fuel its expansion efforts. In previous funding rounds, the company raised $4 million in seed funding in February 2021, followed by a $2 million seed extension in October 2021 to support its entry into the Nigerian market. In February 2022, Stitch closed a $21 million Series A funding round led by The Spruce House Partnership, with participation from PayPal Ventures and other prominent investors. The company further bolstered its Series A funding with a $25 million extension in October 2023 led by Ribbit Capital, bringing the total Series A funding to $46 million.
In a strategic move to diversify its offerings, Stitch made a significant acquisition in January 2025 by purchasing Exipay, a payment solution provider. This acquisition marked Stitch’s foray into the in-person payments market, leading to the rebranding of Exipay’s platform as “Stitch In-Person Payments,” tailored to cater to large enterprises managing in-person transactions.
With a focus on product innovation and market expansion, Stitch is poised to make a substantial impact on the African payments ecosystem. The company’s commitment to leveraging fintech solutions to address the unique challenges and opportunities within Africa’s financial landscape underscores the transformative potential of innovation in the region.
By securing this latest round of funding, Stitch is well-positioned to continue its growth trajectory and solidify its position as a key player in the African fintech sector, driving forward the evolution of digital payments and financial services across the continent.
