Stitch, a South African-based payments infrastructure company has announced the raise of $25 million, bringing its total Series A funding to $46 million, to expand its services to global markets.
The funding was led by Ribbit Capital, with support from existing investors which include, CRE Venture, Pay Pal Ventures, The Raba Partnership, and 9 yards Capital.
Stitch’s funding round follows the company’s earlier funds raised, which include a $21 million Series A round in February 2022, and a $6 million seed round in 2021.
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The startup’s latest funding round positions it to strongly expand its reach, innovate its offerings, and reinforce its commitment to simplifying payment processes for businesses worldwide.
Founded in South Africa, Stitch is a payments service provider offering a single, powerful, reliable API built on direct integrations with multiple banks and networks across South Africa.
Its payment gateway solution is meticulously crafted to help businesses move money better and reach their goals faster.
The platform enables businesses to accept pay-ins by bank, card, manual EFT, debit orders, and even cash, seamlessly orchestrate, manage, and reconcile payments across methods, providers, and geographies with PayOS, and send money anywhere it needs to go with Payouts.
Stitch’s primary focus is to empower businesses to develop, enhance, and expand their financial products. They achieve this by providing crucial API (Application Programming Interface) gateways that enhance online payment conversion rates and optimize the payment operations of their clients, so their business can scale high.
The company which emerged from stealth in 2021, claims its platform offers customers better reliability, higher uptime, and quicker problem resolution by utilizing direct connections with banks and networks and removing intermediaries.
In addition to its open banking features, Stitch provides client support, including localized insights into the payments landscape and custom-built, co-created solutions tailored towards removing the complexities of sending, receiving, and managing funds.
Its subsidiary WigWag, enables small businesses and micro-influencers who sell goods and services on social media platforms, to accept payment via a link and card.
Stitch relies on a powerful, Al-driven fraud engine to stop fraudulent actors in their tracks. With Stitch Shield, the platform can detect a potentially fraudulent transaction based on a defined set of criteria or rules, and automatically block that user’s device or delay settlement of their funds for further investigation across all of our clients.
The company powers payments for reputable organizations such as MTN, Multichoice, d.local, busbud easy-pay, Yoco, luno, bash, and Payflex, amongst others.