Leading payments infrastructure company Stitch has successfully closed a $25 million Series A extension round, spearheaded by Ribbit Capital.
This funding infusion, alongside continued support from existing investors including PayPal Ventures, The Raba Partnership, and CRE Venture Capital, as well as new participation from 9 Yards Capital, brings Stitch’s total funding to an impressive $52 million. The capital injection will bolster its mission to further develop its comprehensive end-to-end payment solutions and extend its services into additional global markets.
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Stitch, founded just over two years ago, has swiftly risen to prominence by offering tailored payment solutions to enterprise clients worldwide. With an emphasis on addressing the intricate and evolving payment needs of large global businesses, Stitch has become synonymous with seamless, efficient, and reliable payments processing.
The company’s services include accepting payments via various methods, managing payments across multiple providers and geographies through its PayOS dashboard, and facilitating effortless fund disbursement.
“We’ve known the Ribbit team for a few years and have consistently been impressed with their knowledge of the space. In particular, they have a strong view of the global landscape, and their exceptional understanding of emerging markets has already proven to be immensely valuable,” stated Stitch co-founder and CEO Kiaan Pillay.
“We’ve seen substantial growth since we emerged from stealth just over two years ago, and we look forward to finding more ways to anticipate and address the needs of the large, global enterprises we serve as the payments landscape continues to evolve.”
One of Stitch’s key differentiators is its hands-on client support, providing localised insights into the payments landscape, co-created solutions, and access to cutting-edge open banking innovations. These innovations, including solutions like Pay by bank and real-time payments rails, empower businesses to effortlessly navigate the financial system, simplifying the complexities associated with sending, receiving, and managing funds.
Stitch operates at the infrastructure level, establishing direct connections with banks and networks, thus ensuring greater reliability, higher uptime, and faster issue resolution by eliminating middlemen.
The company’s robust infrastructure is the backbone for several leading global and African businesses, including industry giants like MTN, Multichoice, The Foschini Group (TFG), Standard Bank’s SnapScan, Yoco, and various global payment service provider partners. This funding round follows Stitch’s earlier successes, including a $21 million Series A round in February 2022 and a $6 million Seed round in 2021.
As Stitch continues to revolutionise the payments landscape, this latest funding round positions the company strongly to expand its reach, innovate its offerings, and reinforce its commitment to simplifying payment processes for businesses worldwide. With Ribbit Capital’s strategic guidance and the ongoing support of its dedicated investors, Stitch is poised for an exciting chapter of growth, innovation, and global impact.