Stitch Secures $25M Series A Extension Led by Ribbit Capital

Stitch Secures $25M Series A Extension Led by Ribbit Capital

Cape Town-based fintech startup Stitch has announced a $25 million extension to its Series A round, led by global fintech investor Ribbit Capital. The round brings Stitch's total Series A funding to $46 million, making it one of the best-funded fintech startups in Africa.
Stitch provides an end-to-end payment solution designed to meet the complex and evolving payment needs of enterprise clients. The company's API gateway enables businesses to build, optimize, and scale financial products by increasing online checkout conversion rates and streamlining their payment operations.
Stitch's platform offers a unique value proposition for businesses in Africa. The continent is home to a large and growing population of unbanked and underbanked individuals, presenting a significant opportunity for fintech companies. Stitch's platform can help businesses to reach this underserved market by providing them with access to a wide range of financial services.
The company has already made significant progress in growing its customer base. Stitch's clients include some of the largest companies in Africa, such as MTN, Multichoice, The Foschini Group (TFG), Standard Bank's SnapScan, and Yoco.
The recent funding round will allow Stitch to accelerate its growth plans. The company plans to use the funds to invest in product development, expand its customer base, and enter new markets. Stitch is also looking to build partnerships with global PSP partners and global consumer internet companies.
With its strong track record and ambitious growth plans, Stitch is well-positioned to become a leading player in the African fintech market. The company's success will be closely watched by investors and entrepreneurs alike, as it provides a model for how fintech can be used to drive financial inclusion and economic growth in Africa.
In addition to the funding round, Stitch has also announced the appointment of new members to its board of directors. The new board members include Ribbit Capital's Meyer Malka, CRE Ventures' Michael Jordaan, and PayPal Ventures' Peggy Alford. These appointments will further strengthen Stitch's governance and strategic direction as it enters its next phase of growth.
The fintech industry in Africa is rapidly growing, and Stitch is at the forefront of this growth. The company's innovative solutions and strong partnerships position it well to capture a significant share of the market. With the continued support of its investors and partners, Stitch is poised to become a major player in the global fintech landscape.