South African payments startup Stitch has raised $55 million in a Series B funding round led by QED Investors, with participation from Glynn Capital, Flourish Ventures, Norrsken22, and existing backers including Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital. The new investment brings Stitch’s total funding to $107 million since its public launch in 2021.
Stitch offers a comprehensive suite of embedded payment solutions and powers transactions for some of South Africa’s top enterprise businesses, including Takealot, Mr. D, MTN, Vodacom, Shyft by Standard Bank, Bash by TFG, Hollywoodbets, Luno, and The Courier Guy.
The company says the fresh capital will be used to accelerate the growth of its in-person payments division, expand into the acquiring space, and enhance its online payments infrastructure. Its expansion into in-person payments began earlier this year with the acquisition of Dutch payment firm ExiPay.
Stitch also recently introduced “Express,” a streamlined checkout tool tailored for e-commerce platforms like Shopify and Woo, aimed at businesses of all sizes. Its upcoming push into acquiring will enable Stitch to offer end-to-end card payment solutions, giving clients complete control over the lifecycle of their payment products.
The move positions Stitch as one of the leading African fintechs poised to offer a full-stack payment ecosystem, both online and offline.