Cape Town-based enterprise payments infrastructure specialist Stitch has announced a US$55-million (R1-billion) series-B funding round led by QED Investors.
Stitch, which has a South African and pan-African focus and which was founded in 2020, is led by co-founder and CEO Kiaan Pillay (previously co-founder of Nigerian ride-hailing app GoMyWay).
The money from the latest round, which brings Stitch’s total funding over four years to $107-million, will be used to “deepen and expand” the company’s in-person payments offering, move into the “acquired space” and bolster its online payments suite.
The round was led by global investment firms QED Investors, Glynn Capital, Flourish Ventures and Norrsken22, with participation from existing funders Ribbit Capital, PayPal Ventures, The Raba Partnership and Firstminute Capital, Stitch said in a statement on Tuesday.
Stitch’s enterprise business customers include Takealot, Mr D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno and The Courier Guy.
The team’s focus now is expanding its in-person payments solution, launched following the recent acquisition of ExiPay. It will also soon add “acquiring” to its services list.
Express
Its payments solution includes a full suite of products such as card, pay by bank, Apple Pay, Google Pay, Samsung Pay, Capitec Pay, Absa Pay, Nedbank Direct EFT, manual EFT, cash, DebiCheck, 24/7, 365 payouts and in-person payments.
Read: PayFast founder invests in South African smart-ring maker VezoPay
It also launched Express, a simple checkout solution designed for online businesses of all sizes that leverage e-commerce platforms such as Shopify and Woo, in early 2025. – © 2025 NewsCentral Media
Get breaking news from TechCentral on WhatsApp. Sign up here.
