The funding will be used to continue building out its end-to-end payments solutions and expand to additional markets.
South African payment systems company Stitch has raised $25-million in a funding round led by Ribbit Capital. It has now raised a total of $52-million – equivalent to R1-billion.
Stitch says it will use the funding to continue building its end-to-end payments solutions – designed to meet complex and evolving payments needs for global enterprise clients – and expand its reach to serve more markets.
In addition to Ribbit Capital, existing investors, including PayPal Ventures, The Raba Partnership and CRE Venture Capital, have renewed their support. Several new investors joined, including 9 Yards Capital.
“We’ve known the Ribbit team for a few years and have consistently been impressed with their knowledge of the space,” said Stitch co-founder and CEO Kiaan Pillay. “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.
“We’ve seen substantial growth since we emerged from stealth just over two years ago, and we look forward to finding more ways to anticipate and address the needs of the large, global enterprises we serve as the payments landscape continues to evolve.”
Today, Stitch serves primarily enterprise businesses with end-to-end payments solutions. Clients rely on Stitch to:
- accept payments via Pay by bank, Debit + Credit Card, Manual bank transfer, Recurring debits and Cash;
- manage, orchestrate and reconcile payments across multiple methods, providers and geographies in one dashboard with PayOS;
- and easily disburse funds via Payouts
The Stitch team offers hands-on client support, including localised insights into the payments landscape; custom-built, co-created solutions; and access to the latest open banking innovations, such as Pay by bank solutions and real time payments rails, for both local and international businesses.
These solutions enable businesses to instantly access the financial system and remove the complexities of sending, receiving and managing funds. Stitch sits at the infrastructure level, leveraging direct connections with banks and networks, which eliminates middlemen and results in greater reliability, higher uptime and faster issue resolution.
Stitch infrastructure powers leading global and African businesses across sectors, including MTN, Multichoice, The Foschini Group (TFG), Standard Bank’s SnapScan and Yoco, as well as global PSP partners and leading global consumer internet companies.
Stitch announced a $21-million Series A in February 2022, following a $6-million Seed round in 2021.
For more information, visit stitch.money.