Local fintech Stitch has secured an additional $55 million in funding to enhance its end-to-end payment solutions for businesses across Africa. This move is set to boost Stitch’s role in Africa’s rapidly changing payments market.
Venture capital organisation Raba Partnership contributed $4.2 million in this round, emphasising the firm’s commitment to Stich.
Founded in 2019, Stitch is a unified payments platform that enables businesses to manage transactions easily across multiple financial institutions. The company also allows companies to offer diverse payment options, improving customer experience and operational efficiency.
The company has a strong track record when it comes to securing investments to fuel its growth. In February 2021, the company raised $4 million in seed funding, following which the company received a $2 million seed extension in October 2021. In February 2022, Stitch announced a $21 million Series A funding round led by various investors such as PayPal Ventures.
Furthermore, the company secured a $25 million Series A extension in October 2023, bringing its total Series A funding to $46 million.
Earlier this year,Stitch acquired Exipay, a payment solution provider marking its entry into the in-person payments market. The acquisition led to the rebranding of Exipay’s platform as “Stitch In-Person Payments,” tailored to cater to large enterprises managing in-person transactions.
Lungile is the Digital Editor for TechAfrica, with a knack for storytelling, technology and innovative ideas. Working with TechAfrica, she takes simple ideas and turns them into amazing stories.
