South African fintech startup Stitch has announced the successful closure of a $55 million Series B funding round, marking a major milestone in its mission to expand financial infrastructure across Africa.
The round was led by New York-based investor Ribbit Capital, with participation from a strong lineup of new and existing backers, including PayPal Ventures, The Spruce House Partnership, and Raba Partnership. Several angel investors, notably from the fintech and payments sectors, also joined the round.
Founded in 2020, Stitch provides API-based tools that enable businesses to access user financial data, initiate payments, and build new financial products in markets where traditional infrastructure remains fragmented. The company’s platform is already powering a wave of next-generation fintech services in South Africa, Nigeria, and Kenya.
Kiaan Pillay, CEO and co-founder of Stitch, said the investment would enable the company to accelerate product development, deepen its presence in existing markets, and expand into new African countries. “Our vision is to build a complete financial ecosystem that empowers developers and businesses across the continent. This new funding brings us closer to that goal,” Pillay said in a statement.
Since its $21 million Series A round in early 2022, Stitch has experienced rapid growth, more than tripling its customer base and introducing products like PayOS, a platform simplifying payments for businesses. Its clients now include top African fintechs, e-commerce platforms, and gig economy startups.
The Series B funding signals growing investor confidence in Africa’s burgeoning fintech sector, which continues to outpace other industries in terms of venture capital inflows. Analysts note that Stitch’s focus on building foundational payments and banking infrastructure positions it as a key player in the next phase of Africa’s digital financial evolution.
“We’re excited to back Stitch as they build critical infrastructure for financial services across Africa,” said Micky Malka, managing partner at Ribbit Capital. “Their team’s deep local knowledge and product innovation are impressive, and we believe they are well-positioned to drive significant change across the continent.”
Stitch plans to expand its team across engineering, product, and go-to-market roles, and aims to double its headcount over the next 18 months.
As fintech adoption accelerates across Africa, Stitch’s fresh capital injection could not come at a better time. With greater access to resources, the company is poised to play a pivotal role in shaping the continent’s financial future.
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