Cape Town-based fintech startup Stitch has raised $55 million in a Series B funding round to accelerate the expansion of its end-to-end payment solutions. The round was led by global venture firms QED Investors, Glynn Capital, Flourish Ventures, and Norrsken22, and included continued support from existing investors like Ribbit Capital, PayPal Ventures, Firstminute Capital, and The Raba Partnership. This latest round brings Stitch’s total funding to $107 million since it emerged from stealth mode in early 2021.
Global Backers Reinforce Confidence in Stitch’s Vision
The participation of top-tier investors from around the world is a strong signal of confidence in Stitch’s trajectory and leadership in the African payments landscape. Notably, Stitch has also attracted angel investors such as comedian and entrepreneur Trevor Noah, underscoring its broad appeal beyond traditional fintech circles. These new and existing backers bring a wealth of experience in scaling payment platforms globally, a resource Stitch will leverage as it continues to expand its offerings.
A Strategic Shift Toward End-to-End Payments
Stitch has signaled a bold move to grow beyond its core online payments infrastructure and into the acquiring space, further strengthening its in-person payments capabilities. The funding will be used to enhance its omnichannel platform that serves enterprise merchants, including retailers, telcos, and other multi-lane businesses seeking unified, modern payment solutions. This marks a significant evolution for the company, which is positioning itself as a full-spectrum payment partner rather than a traditional payment service provider (PSP).
Scaling In-Person Payments Through Strategic Acquisition
A key component of Stitch’s in-person payment strategy is the acquisition of ExiPay, completed earlier this year. This acquisition enabled Stitch to offer hardware and software integration for physical retail environments, supporting seamless checkout experiences in stores. With the foundation laid, Stitch now aims to become a licensed acquirer, offering an end-to-end card product with full lifecycle control.
Enterprise-Focused Offerings Drive Competitive Edge
Stitch differentiates itself by delivering high levels of flexibility and customization tailored to the complex requirements of large enterprise clients. The company has built a reputation for robust client service, including dedicated integration support, always-on customer service, and technical reliability through automated routing and built-in redundancies. Its Shield fraud prevention product, which has won industry recognition, further enhances security and trust for global merchants operating in high-volume environments.
Investor Confidence Rooted in Execution and Innovation
QED Investors Partner Gbenga Ajayi praised Stitch’s ability to anticipate market needs and execute with precision, describing the company as a standout player in Africa’s evolving fintech space. He highlighted Stitch’s evolution from a PSP into a comprehensive payment partner as evidence of its strategic foresight and operational strength. QED’s investment signals strong belief in Stitch’s potential to shape the future of payments both within Africa and globally.
Poised for Continued Growth and Regional Leadership
Since its public launch, Stitch has experienced rapid growth, becoming a trusted provider to enterprise merchants in a relatively short span of time. Its platform currently supports a full suite of local online payment methods alongside its expanding in-person payments capabilities. With this new funding, the company is well-positioned to cement its leadership in the African fintech sector and continue expanding its presence in global markets.
Stitch’s Series B round marks a pivotal milestone in its mission to offer truly unified, scalable, and secure payment solutions to large businesses across online and offline channels. With fresh capital, new strategic partnerships, and a growing portfolio of products, the company is doubling down on its commitment to become a full-stack payment powerhouse. As it moves into the acquiring space and deepens its merchant relationships, Stitch is set to play a defining role in the next phase of Africa’s digital payments revolution.