Stitch Raises $55 Million to Strengthen Fintech Dominance Across Africa

South African fintech startup Stitch has raised $55 million in new funding, reinforcing its ambition to scale end-to-end payment solutions across Africa’s rapidly evolving digital economy.

The latest investment, which follows a series of strategic funding rounds since 2021, pushes Stitch’s total known funding beyond $100 million. The company is positioning itself as a dominant player in streamlining payments for businesses across the continent, with a clear focus on expansion, infrastructure, and product innovation.

A Consistent Funding Trajectory

Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, Stitch began by tackling one of Africa’s core fintech challenges—fragmented payment systems. Over the years, the company has secured a reliable pipeline of capital:

• 2021: $4M seed round, followed by a $2M extension for Nigerian expansion
  
• 2022: $21M Series A led by The Spruce House Partnership, with PayPal Ventures onboard
  
• 2023: $25M Series A extension led by Ribbit Capital
  
• 2025: $55M strategic raise, including $4.2M from Raba Partnership
  

Each round has been laser-focused on building a robust, unified payment infrastructure that connects businesses to multiple financial institutions through a single integration.

Expansion Moves and Enterprise Ambitions

In January 2025, Stitch made a bold play by acquiring Exipay, a move that marked its entry into the in-person payments market. The rebranded platform—Stitch In-Person Payments—targets large enterprises handling high-volume, offline transactions, signaling the startup’s shift toward serving omnichannel businesses.

This acquisition aligns with Stitch’s goal to offer seamless transaction experiences across both online and offline touchpoints, a critical capability in African markets where hybrid payment behaviors are common.

A Platform for Africa’s Fintech Future

At its core, Stitch is building more than just a payment solution. It’s building the connective tissue of Africa’s fintech ecosystem. By simplifying payment integration, enhancing customer experience, and reducing operational friction, the company enables businesses to focus on scale rather than back-end complexity.

The Stitch team’s ability to raise substantial capital during a cautious VC climate reflects investor confidence in Africa’s fintech resilience—and Stitch’s role within it.

Why This Matters

As the continent’s fintech market continues to mature, startups like Stitch are defining the infrastructure layer upon which future innovation will rest. With a total funding haul exceeding $100 million and operations in key markets like Nigeria and South Africa, Stitch is positioned to become a category-defining fintech leader across Africa.