South African payment service provider Stitch has successfully secured $55 million in a Series B funding round led by QED Investors.
Joining this funding round were Glynn Capital, Flourish Ventures, and Norrsken22, along with existing investors Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital.
Stitch, which emerged from stealth mode in February 2021, has raised a total of $107 million to date. The company’s comprehensive suite of payment methods caters to some of South Africa’s leading enterprises, including Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, and Luno, among others.
The newly acquired funding will enable Stitch to enhance its in-person payment offerings, enter the acquiring space, and strengthen its online payment suite. Recently, the embedded payments platform expanded into in-person payments through the acquisition of Dutch company ExiPay.
Earlier this year, Stitch also launched Express, a streamlined checkout solution designed for online businesses across e-commerce platforms such as Shopify and Woo, set for release in early 2025. The planned expansion into acquiring will allow Stitch to provide clients with an end-to-end card product, giving them full control over the entire product lifecycle.