Stitch Secures $55M in Series B Funding to Expand Payments Infrastructure
South African payments infrastructure startup, Stitch, has secured $55 million in a Series B funding round, led by QED Investors. This brings its total capital raised to $107 million in under four years. The round saw participation from returning investors like Ribbit Capital, PayPal Ventures, and The Raba Partnership, along with new backers such as Norrsken, 22Flourish Ventures, and Glynn Capital.
Stitch plans to use the funding to expand its services. It aims to become a direct card acquirer, accepting card payments both online and at physical locations. Additionally, the company will strengthen its infrastructure for facilitating money movement. This includes building out payment processing networks and enhancing payment methods, processing capabilities, and overall service quality.
The newly raised funds will also support Stitch's expansion into new areas. It will enhance its in-person payment solutions and online payments platform. Moreover, the company plans to venture into card acquiring, further diversifying its services.
Stitch's impressive client list, which includes major South African enterprises like TakeALot, MTN, and Luno, stands to benefit from these enhancements. The additional funding will enable Stitch to better support its clients and solidify its position in the payments industry.
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