Stitch, a South African API fintech startup, has raised an additional US$6 million in its seed round, up from the US$4 million it announced earlier this year. It has also confirmed its expansion into Nigeria.
The Stitch API enables developers to quickly connect apps to financial accounts, allowing users to exchange transaction histories and balances, confirm their identities, and make payments.
Companies can use these tools to develop new and improved services in areas like personal finance, lending, insurance, payments, and asset management. Fintechs can also use Stitch to collaborate with traditional financial institutions in a more secure and regulated manner.
“Our ambition is to become the go-to partner for every African company developing financial solutions.” Access to the infrastructure that Stitch is constructing will help these companies develop more inventive solutions. They can now move money and access important client account data in hours rather than months while saving money,” said Kiaan Pillay, co-founder, and CEO of Stitch.
“We’re ecstatic to be launching in Nigeria today, with the help of some of the world’s most amazing fintech founders and operators.” Nigeria is one of the most active fintech markets in Africa, if not the globe. The possibilities we see here are limitless.”
Stitch, according to Blomfield, is helping to establish the infrastructure that will allow companies wishing to scale digital banking solutions in Africa to grow exponentially.
“I see a lot of opportunity in African countries, where the tide of digital banking innovation is really starting to pick up steam, and the Stitch team is jumping in at the right time,” says the founder. “I’m delighted to see them continue to expand in Nigeria and beyond,” he said, describing the staff as “one of the greatest I’ve seen globally.”
Stitch will be able to accelerate development, launch their solution, and increase their staff on the ground in Nigeria as they prepare to expand throughout the continent with this new funding. Stitch will launch with a seamless, tokenized pay-by-bank product to assist Nigerian businesses and fintech in improving their user experience, eliminating fraud, and lowering fees associated with alternative payment methods.
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