South African-based fintech startup Stitch has raised an additional $55 million in growth capital, further reinforcing its commitment to streamlining digital payments for businesses across Africa. The funding aims to advance the company’s integrated payment infrastructure and solidify its position within the continent’s rapidly transforming financial services sector.
A notable contribution of $4.2 million came from African investment firm Raba Partnership, reflecting continued investor confidence in Stitch’s strategic vision and execution.
Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, and headquartered in Cape Town, Stitch operates a comprehensive payment platform that enables businesses to seamlessly manage transactions across multiple financial institutions. By reducing the complexities of payment integration, the platform empowers companies to offer a wider array of payment methods—enhancing both customer satisfaction and operational efficiency.
Stitch has consistently attracted investor backing to fuel its growth trajectory. In February 2021, it raised $4 million in seed funding, followed by a $2 million seed extension in October 2021, supporting its market entry into Nigeria. The company went on to close a $21 million Series A round in February 2022, led by The Spruce House Partnership, with participation from PayPal Ventures and other prominent investors. This was further bolstered by a $25 million Series A extension in October 2023, spearheaded by Ribbit Capital, bringing the total Series A funding to $46 million.
In a strategic move to diversify its offerings, Stitch acquired Exipay in January 2025, marking its entry into the in-person payments space. The Exipay platform was rebranded as “Stitch In-Person Payments”, and is now geared towards supporting large enterprises that manage physical retail transactions.
With its expanding suite of solutions and growing footprint, Stitch is poised to play a pivotal role in shaping Africa’s digital payments ecosystem. The company’s continued innovation underscores the transformative power of fintech in solving regional financial challenges and enabling broader economic participation.
