Stitch Secures $55M Series B Funding to Expand Card Payment Services
South African payments infrastructure startup, Stitch, has secured $55 million in a Series B funding round, led by QED Investors. This brings the company's total capital raised to $107 million in under four years. The funding will support Stitch's expansion into card payment acceptance and enhance its services.
Stitch plans to use the funds to expand into card payment acceptance, both online and at physical locations, by becoming a direct card acquirer. The company aims to strengthen its infrastructure for facilitating money movement, including building out payment processing networks and enhancing payment methods, processing capabilities, and overall service quality.
The Series B round saw participation from returning investors such as Ribbit Capital, PayPal Ventures, FirstMinute Capital, and The Raba Partnership. New investors include Endure Capital, Endeavor Catalyst, Endeavor Harvest Fund, Norrsken22, Flourish Ventures, Glynn Capital, and angel investors like comedian Trevor Noah.
Stitch counts several major South African enterprises among its clients, including TakeALot, MTN, Vodacom, MultiChoice, and Standard Bank's Shyft. The company has previously launched innovative payment options like 'Pay with crypto' and WigWag, a social commerce payment platform for small businesses.
With the newly raised funding, Stitch is well-positioned to expand its services and better support its clients. The company's plans to venture into card acquiring and enhance its infrastructure demonstrate its commitment to driving innovation in South Africa's payments landscape.
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