South African fintech Stitch, which has built an “end-to-end payments solution designed to meet the complex and evolving payments needs for its enterprise clients,” is announcing some funding to become a market leader in this payments segment.
In brief:
-Stitch focuses on enabling businesses to build, optimize, and scale financial products and providing API gateways to improve the conversion for online payments and optimize payment operations of its clients.
-The Cape Town fintech has raised $25 million in an extension round of funding led by global fintech investor Ribbit Capital, bringing Stitch’s total Series A to $46 million
-Existing backers, including CRE Ventures, PayPal Ventures and the Raba Partnership, participated in the round.
What does this mean?
Stitch, which emerged from stealth in 2021, claims its platform offers customers better reliability, higher uptime, and quicker problem resolution by utilizing direct connections with banks and networks and removing intermediaries.
