South Africa's leading fintech company, Stitch, recently announced it has raised $25 million in an extension round of fundraising led by global fintech investor Ribbit Capital. This has brought Stitch’s total Series A to $46 million.
The firm also has partnerships with big tech firms like CRE Ventures, PayPal Ventures, and Raba Partnership, which participated in the funding round.
Stitch focuses on enabling businesses to build, optimize, and scale financial products and providing API gateways to improve the conversion rate for online payments and optimize the payment operations of its clients.
The CEO and co-founder of Ribbit Capital, Kiaan Pilay, stated that this is the firm's third investment in Africa after participating in Chipper Cash’s $30 million Series B and Wave’s $200 million Series A. Pilay also attributed his firm strength to local and international support since it came public in 2021.
Pillay said,
Stitch stated that its end-to-end payment solution is specifically designed for South African businesses such as MultiChoice, MTN, the Foschini Group (TFG), Yoco, Standard Bank’s SnapScan, and many others. Pillay also acknowledges that the company has some startups and small businesses as customers in some African countries where it has a license to operate.
Read more: https://www.investingport.com/stitc...-payment-product-with-25m-series-a-extension/
The firm also has partnerships with big tech firms like CRE Ventures, PayPal Ventures, and Raba Partnership, which participated in the funding round.
Stitch focuses on enabling businesses to build, optimize, and scale financial products and providing API gateways to improve the conversion rate for online payments and optimize the payment operations of its clients.
The CEO and co-founder of Ribbit Capital, Kiaan Pilay, stated that this is the firm's third investment in Africa after participating in Chipper Cash’s $30 million Series B and Wave’s $200 million Series A. Pilay also attributed his firm strength to local and international support since it came public in 2021.
Pillay said,
- It was a good happenstance that we finally started to find traction in a world where hard numbers are significant for investors like Ribbit, whose team we’ve known for a while.
Stitch stated that its end-to-end payment solution is specifically designed for South African businesses such as MultiChoice, MTN, the Foschini Group (TFG), Yoco, Standard Bank’s SnapScan, and many others. Pillay also acknowledges that the company has some startups and small businesses as customers in some African countries where it has a license to operate.
Read more: https://www.investingport.com/stitc...-payment-product-with-25m-series-a-extension/