Stitch raises $25m in Ribbit Capital-led Series A extension
Stitch, a South African payments infrastructure company, has raised $25 million in a Series A extension.
Founded in 2019 and headquartered in Cape Town, Stitch enables businesses to manage, orchestrate, reconcile and accept payments, and to disperse funds via its API connectivity and “direct connections” with banks and networks.
Stitch team
The company plans to leverage its latest raise, which was led by Silicon Valley-based venture capital firm Ribbit Capital and succeeds its $21 million Series A of February 2022, to “continue building its end-to-end payments solutions” and “expand its reach to serve more markets”.
Speaking on the participation of the extension’s lead investor, Kiaan Pillay, co-founder and CEO of Stitch, lauds Ribbit for its “strong view of the global landscape” and “exceptional understanding of emerging markets”, which he claims has proven to be “immensely valuable”.
The extension saw participation from the company’s existing investors, including PayPal Ventures, CRE Venture Capital and The Raba Partnership, in addition to new investors including 9 Yards Capital.
Building on its 2021 seed round, in which the company secured $6 million, the latest round of funding brings the total amount raised by the company to $52 million.
