South African embedded payments platform Stitch has closed a $25 million Series A Extension, led by Ribbit Capital.
The Series A extension brings the total funding round to $46 million. The initial $21 million Series A was clinched in February last year with with investments from TrueLayer and PayPal Ventures among others.
Stitch launched two years ago with a single pay-by-bank account for merchant customers. Today the company's product suite encompasses eight pay-in methods as well as an API-based payments orchestration platform.
The company is currently processing over 50 million payments annually, and over $2 billion in value, for some of the largest businesses operating in South Africa, including MTN, Multichoice, The Foschini Group (TFG)’s Bash, HollywoodBets, LottoStar, Luno, Yoco.
Hvaing conquered the challenge of dealing with large entperises with complex needs, Stitch is moving down the value chain to launch a spin-out brand, WigWag, which provides a simplified, no-code version of its product that’s designed specifically for SMEs without access to developer teams or even a website.
Stitch has yet to make a mjaor landgrab in adjacent markets. In a statement, the company says: "While we’re looking forward to expanding into new markets, we’re also doubling down on our commitment to South Africa. We believe this is one of the most dynamic and unique markets in the world, and we’ve only just scratched the surface in terms of its potential."