South African embedded payments platform Stitch has successfully secured a $25 million Series A Extension, led by Ribbit Capital. This latest round brings the total funding for the Series A to $46 million, following the initial $21 million raised in February last year, which included investments from TrueLayer and PayPal Ventures among others.
Founded two years ago, Stitch initially offered a single pay-by-bank account service for merchants. Today, the company has expanded its product suite to include eight pay-in methods and an API-based payments orchestration platform.
Currently, Stitch processes over 50 million payments annually, amounting to more than $2 billion in total value, for major businesses in South Africa such as MTN, Multichoice, The Foschini Group (TFG)’s Bash, HollywoodBets, LottoStar, Luno, and Yoco.
Having navigated the complexities of servicing large enterprises, Stitch is now launching a spin-out brand, WigWag, which aims to deliver a simplified, no-code version of its product for small and medium-sized enterprises (SMEs) that may not have access to developer teams or even a website.
While Stitch plans to expand into new markets, the company remains focused on South Africa, emphasizing the country’s dynamic potential. “We believe this is one of the most unique markets in the world, and we’ve only just scratched the surface in terms of its potential,” said a representative from the company.