Stitch, a Fintech Startup Based in South Africa, Announces the Extension of Its Series A Round

South African fintech startup, Stitch, has secured a US$25 million Series A extension round led by Ribbit Capital, as reported by Tom Jackson for Disrupt Africa.

Ribbit Capital led the round, with participation from existing investors like PayPal Ventures, The Raba Partnership, and CRE Venture Capital, as well as new investor 9 Yards Capital.

The funding will support the development of Stitch's comprehensive payment solutions to address the intricate payment requirements of global enterprise clients and facilitate expansion into additional markets.

The company, with current offices in Cape Town, Johannesburg, and Lagos, aims to broaden its reach and enhance its end-to-end offerings.

Kiaan Pillay, CEO and co-founder of Stitch, expressed excitement in welcoming Ribbit as a partner, praising Ribbit's expertise in global markets and emerging trends.

“We couldn’t be more excited to welcome Ribbit and to receive additional support from partners that have been a significant part of our journey thus far. We’ve seen substantial growth since we emerged from stealth just over two years ago, and we look forward to finding more ways to anticipate and address the needs of the large, global enterprises we serve as the payments landscape continues to evolve.”