Stitch, a comprehensive payment solutions company based in South Africa, has recently secured $55 million in funding from investors such as Glynn Capital, Flourish Ventures, Norrsken22, Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital. This latest funding round brings the total amount raised by Stitch to $107 million since its public debut in February 2021.
Major enterprise businesses in South Africa, including Takealot, Mr. D, MTN, Vodacom, and others, are already utilizing Stitch’s payment solutions. The company plans to use the new funding to enhance and expand its in-person payment offerings, enter the acquiring space, and strengthen its online payment services.
Stitch recently ventured into in-person payment solutions with the acquisition of Dutch company ExiPay. Additionally, the company introduced Express, a simplified checkout designed for online businesses across e-commerce platforms like Shopify and Woo, set to launch in early 2025.
With its upcoming entry into acquiring, Stitch aims to offer clients a comprehensive card product, providing full control over the entire product lifecycle. This strategic move will further solidify Stitch’s position in the payment solutions market.
Overall, Stitch’s innovative payment solutions and continuous expansion efforts demonstrate its commitment to meeting the evolving needs of businesses in South Africa and beyond. The company’s success and growth trajectory showcase its potential to become a key player in the global payment industry.
