Stitch, a South African API fintech firm, has acquired a US$21 million Series A fundraising round to grow its team, create new product offerings, and expand into new countries across Africa.
PayPal Ventures, TrueLayer, firstminute capital, The Raba Partnership, CRE Venture Capital, Village Global, Zinal Growth, and others, including the founders of Chipper Cash, Quovo, and Unit, participated in the fundraising round, which was led by The Spruce House Partnership.
Within minutes, the Stitch API enables developers to link apps to financial accounts, enabling users to share transaction histories and balances, confirm their identities, and conduct payments.
Stitch co-founder and CEO Kiaan Pillay said, “We are tremendously lucky to be sponsored by some of the top investors, founders, and builders in the fintech field internationally.”
“They’re collaborating closely with us to facilitate the continent’s financial technology boom.” We’re seeing a record speed of development of new financial products among the hundreds of customers with whom we engage, both large and small. Our goal is to make it easier for fast-growing fintech and integrated finance companies to introduce more creative and customised products, expand into new areas, and improve their solutions – so they can develop even faster.”
The funds will be used to hire a lot more people at Stitch, launch new products, and expand into new markets across Africa, among other things.
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