Stitch, the South African fintech startup, has raised $55 million in Series B funding, led by QED Investors, with participation from Flourish Ventures, Norrsken22, and Glynn Capital.
This round brings the total funding raised by Stitch to $107 million in just four years.
The latest investment would allow the fintech firm to:
- Deepening and expanding our in-person payments offering
- Moving into acquiring, allowing Stitch to offer a full end-to-end card payment product
- Strengthening its online payments suite to create a truly omnichannel experience
Kiaan Pillay, the CEO and founder of Stitch, said: “We’re super excited and proud to be where we are in the market today. We feel we’ve earned the right to work with clients across the board – not just for online or in-person payments, but with any money movement needs. It felt like the right time to more aggressively expand our offering so we can further serve our clients.
“We’ve been fortunate to know all the new investors in the round for many years, and they all come with an impressive amount of fintech experience, including support in scaling similar businesses in other markets.”
“Having closely followed the Stitch team over the past four years, it’s been impressive to watch their rapid growth and execution in becoming a trusted payment provider,” said QED Investors Partner and Head of Africa and the Middle East, Gbenga Ajayi.
“Stitch has consistently delivered world-class payment solutions, empowering global merchants with seamless, reliable and innovative experiences. Their ongoing expansion from a PSP to a comprehensive payments partner, including robust in-person payments and acquiring solutions, demonstrates their unique ability to anticipate market needs and execute at scale.
“At QED Investors, we’re thrilled to partner with such visionary founders, confident that Stitch will continue to set new standards in the payments industry across Africa and beyond.”
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