Advertisement
CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

  • FINANCE
    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

  • PODCAST
CRESTHUB
  • NEWS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

  • FINANCE
    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result
Home StartUps

South African Startup, Stitch Raises $21m in a Series A Funding, to build a pan-African payment powerhouse

by Nuel Umahi
February 15, 2022
in StartUps
0
South African Startup, Stitch Raises $21m in a Series A Funding, to build a pan-African payment powerhouse
Share on FacebookShare on Twitter

South African API fintech startup, Stitch has announced today that it has raised the sum of $21 million in Series A funding round. The round was led by The Spruce House Partnership. Also participating in the funding round were PayPal Ventures, TrueLayer, Firstminute Capital, The Raba Partnership, CRE Venture Capital, Village Global, Zinal Growth (the investment vehicle of Checkout.com founder Guillaume Pousaz) and others, including founders of Chipper Cash, Quovo, and Unit.

This new funding raised has set the company’s total funding at $27 million after it launched out of stealth mode in February 2021 with $4 million seed and the $2 million extensions round that followed up in October.

Stitch said that the funds raise will also be going into significantly expanding the team, launching new product offerings, and entering new markets across the continent. It’s already operating in 2 out of Africa’s 4 largest fintech markets—South Africa and Nigeria.

The company offers data and payments solutions that reduces the effort required for businesses to connect to their users’ financial accounts and enable bank-to-bank payments without leaving the existing app interface.

Their infrastructure-led approach supports several use cases, including KYC and onboarding, personal and business financial management, lending, wallet top-ups, e-commerce checkouts, and more.

Stitch co-founder and CEO Kiaan Pillay said, “We are incredibly fortunate to be supported by some of the best investors, founders, and builders in the fintech space globally”.

He added, “They are working closely with us to enable the boom we’re seeing in financial technology on the continent. Across the hundreds of customers we work with, big and small, we’re witnessing a record pace of development of new financial products.”

In October 2021, while announcing their expansion into Nigeria, Pillay said that the goal of Stitch is to become the go-to partner for any business’ building financial products in Africa.

Pillay also introduced what he best describes as “financial graphs” – an infrastructure for financial building blocks that can interoperate across regions, providers, banks, and other types of financial accounts, allowing businesses to write code once, launch in multiple markets, and scale more quickly.

Currently, the company is achieving its laid goals following the new funds raised as it will go into creating the financial graph, while continuing to build the future of money movement by linking bank accounts, wallets, and other stores of value across Africa.

As fintech is gradually becoming the largest sector in Africa, it is quite important to build a connecting trail for payment powerhouses, and that’s where fintech companies like Mono, Okra, and Stitch has plugged themselves.

The company, via its statement, listed fast-growing businesses from wallet-based companies like 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 as its partners.

“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”,Ben Stein, co-founder of The Spruce House Partnership said.

In the last quarter alone, the company said that it saw 44% month-on-month (MoM) customer growth and a 72% MoM increase in linked financial accounts on the platform. It’s had 104% MoM growth in payments value since launch.

Ashish Aggarwal, Director at PayPal Ventures said, “Stitch is building critical infrastructure to enable faster, easier, and more secure payments across Africa”.

“We believe they will play a significant role in contributing to the overall growth of the fintech space in Africa, and we are excited to be investing at this important moment in their journey”, Aggarwal added.

Related

Tags: Stitch
Previous Post

Egyptian prop-tech Startup Nawy Raises $5 million Seed Fund in its bid to Expand Across the Region

Next Post

Payments Fintech Startup, MoneyHash raises $3m in Pre-seed Extension

Next Post
Payments Fintech Startup, MoneyHash raises $3m in Pre-seed Extension

Payments Fintech Startup, MoneyHash raises $3m in Pre-seed Extension

Burna Boy Records 200 Million Streams on Music Platform, Boomplay

Burna Boy Records 200 Million Streams on Music Platform, Boomplay

Recommended

steve jobs quotes image

Steve Jobs: 10 Entrepreneurship quotes from Apple Founder.

5 years ago
Can Mobile Devices Dramatically Improve Literacy in Nigeria?

Can Mobile Devices Dramatically Improve Literacy in Nigeria?

8 months ago
CRESTHUB

Cresthub is a data focused media that leverages on data to uncover hidden sights which cuts across startups, technology, blockchain and founders in Africa.

COMPANY

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

PRODUCTS

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

SOCIALS

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address