Stitch Raises $55 Million Series B, Total Funding Hits $107 Million in Four Years

Cape Town, April 15 — South African fintech company Stitch has announced the successful raise of $55 million in a Series B funding round, pushing its total funding to $107 million since its launch in 2020. The funding will drive expansion of its in-person payment solutions and bolster its suite of online payment products.

The round was led by QED Investors, with significant participation from Glynn Capital, Flourish Ventures, Norrsken22, and returning investors such as Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital.

Scaling Pan-African Infrastructure

Stitch’s enterprise client portfolio includes industry leaders such as Takealot, MTN, Vodacom, Mr. D, Luno, The Courier Guy, and Standard Bank’s Shyft, reflecting the trust it has earned across the continent.

QED’s Head of Africa and the Middle East, Gbenga Ajayi, praised Stitch's trajectory, stating:

"We’ve watched Stitch evolve from a startup to a trusted payments partner. Their transition from a PSP to a holistic payments solution provider, especially with their in-person offering, shows strategic foresight and execution."

Product Expansion and Acquisition Strategy

The fintech recently launched Stitch Express, a streamlined checkout system built for e-commerce platforms like Shopify and WooCommerce. Its payment offerings span card payments, bank transfers, Apple Pay, Google Pay, Samsung Pay, DebiCheck, manual EFT, and more.

Following the acquisition of ExiPay, a provider of in-person payment solutions, Stitch rebranded the service to “Stitch In-Person Payments”, targeting large enterprises and physical retailers. The company now offers an end-to-end card acquiring solution, giving it greater control over the full product lifecycle.

“We believe we’ve earned the right to serve a wide range of clients – from digital-first to in-person merchants. Now is the time to aggressively scale and deliver on our promise of seamless payments across all channels,” said the Stitch team in a statement.

API-Led Innovation for Developers

Stitch was co-founded by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, and has remained focused on building API-driven infrastructure that connects applications to financial accounts across Africa.

The company’s API platform enables businesses to access user financial data, confirm identities, initiate payments, and enhance financial services like budgeting tools and PFM apps. Developers are charged per API call, with some products available at fixed rates.

Strong Traction and Investment History

Since entering Nigeria in 2021 with its payments product, Stitch has seen rapid adoption, reporting over 50% month-on-month growth in volume and customers in its first six months post-launch.

Its funding journey reflects strong investor confidence:

• $4 million seed round in Feb 2021
• $2 million seed extension in Oct 2021
• $21 million Series A in Feb 2022 (led by The Spruce House Partnership)
• $25 million Series A extension in Feb 2023 (led by Ribbit Capital)
• $55 million Series B in Apr 2025 (led by QED Investors)

Vision for the Future

As Stitch continues to scale across Africa, it is positioning itself as a comprehensive infrastructure player in the fintech space, aiming to solve deep-rooted payment inefficiencies across the continent.