Stitch, a South African fintech startup, has announced a US$25 million Series A extension round led by Ribbit Capital, which will be used to extend its end-to-end payments solutions and enter new markets.
Following a US$6 million seed funding in 2021, the startup swiftly advanced to Series A with a US$21 million round in February of last year.
Since then, it has increased the range of services it offers by introducing the Stitch payments suite and WigWag, a platform for no-code payment links for small enterprises.
The startup has now raised a total of US$52 million after Stitch announced an extension to its Series A funding of US$25 million.
Existing investors PayPal Ventures, The Raba Partnership, and CRE Venture Capital were among those who participated in the round, which was led by Ribbit Capital. Additionally, a number of new investors have joined, including 9 Yards Capital.
Stitch, founded in 2021, provides a payment processing platform that streamlines business operations. The Stitch payments API and tools make it easier for organizations from all industries to connect to the financial system and provide their customers with enjoyable experiences.
“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,” said Stitch co-founder and CEO Kiaan Pillay.
Stitch will utilize the funding to broaden its reach to service more markets and to keep developing its end-to-end payment solutions, which are intended to address the complex and changing payment needs of its international enterprise clients. Currently, it has offices in Lagos, Cape Town, and Johannesburg.
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