Stitch Secures $55M Series B, Boosting South Africa's Payments Landscape
South African payments infrastructure startup, Stitch, has secured a significant boost with a $55 million Series B funding round. This brings the company's total capital raised to $107 million in under four years. The round was led by QED Investors, with notable backing from Norrsken22, Flourish Ventures, Glynn Capital, and even comedian Trevor Noah among the angel investors.
Stitch, which counts major South African enterprises like TakeALot and MTN among its clients, has been expanding its services. In 2023, it unveiled 'Pay with crypto', allowing customers to make direct payments using their cryptocurrency wallets, with approximately 7.7 million South Africans owning cryptocurrency.
The new funds will support Stitch's growth in various areas. It plans to enhance its online payments platform and venture into card acquiring, both online and at physical locations. This will enable a fully integrated card payment solution. The funding will also strengthen Stitch's infrastructure for facilitating money movement, including building out payment processing networks and enhancing payment methods and processing capabilities.
With the new funding, Stitch aims to better support its clients and expand its services. The company has already made significant strides, raising $25 million in a Series A extension in 2023 and launching WigWag, a social commerce payment platform for small businesses. As Stitch continues to grow, it's clear that it has the backing of prominent investors and the potential to shape the future of payments in South Africa.
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