Stitch locks in $21m to build financial infrastructure for Africa’s fintech space

fort required for businesses to FRQQHFW WR WKHLU XVHUVÖ åQDQFLDO accounts and enable bank-tobank payments without leaving the existing app interface.

Its payments and data infrastructure enables players across WKH åQWHFK HFRV\VWHP Ô ZKLFK is traditionally fragmented by technical, commercial and poOLWLFDO EDUULHUV Ô WR WUDQVDFW seamlessly, expand their revenue DQG JURZWK SRWHQWLDO DQG VLJQLåcantly reduce conversion time and cost.

The API fintech company serves the likes of Chipper Cash, Luno and Zapper, to financial services providers like ImaliPay, to subscription and e-commerce players like FlexClub, to PSPs and payment aggregators like Peach and Yoco.

Kiaan Pillay, Stitch co-founder DQG FKLHI H[HFXWLYH RIåFHU VDLG “We are incredibly fortunate to be supported by some of the best investors, founders and builders in the fintech space globally. Our goal is to help fastJURZLQJ åQWHFK DQG HPEHGGHG åQDQFH FRPSDQLHV PRUH HDVLO\ launch increasingly innovative and tailored products, expand into new markets and optimise their solutions – so they can grow even faster.”

Ben Stein, co-founder of The Spruce House Partnership, also commenting on the funding said, “We have been following startups in Africa for many years. Our diligence was very clear that this is one of the most talented teams on the continent, and we are excited to be a part of what they are building at Stitch.”

Ashish Aggarwal, director at PayPal Ventures, commented that “Stitch is building critical infrastructure to enable faster, easier and more secure payments across Africa. We believe WKH\ ZLOO SOD\ D VLJQLåFDQW UROH LQ contributing to the overall growth RI WKH åQWHFK VSDFH LQ $IULFD Ó and are excited to be investing at this important moment in their journey.”

$V HPEHGGHG åQDQFH FRQWLQues to gain traction and further DGRSWLRQ RI GLJLWDO åQDQFH VROXtions, the opportunity to provide foundational software that can enable businesses to launch, opWLPLVH DQG VFDOH åQWHFK VROXWLRQV will only accelerate.

In 2021, African startups raised a record $4 billion with about 62 percent of the funding going to fintech, according to tech reports; and that is not stopping as more venture capitalists DQG SULYDWH HTXLW\ åUPV FRQWLQXH to back African startups. And so far, 2022 has seen trailblazing and important funding deals being locked in.