Stitch, a leading payment solutions provider, has announced a significant milestone in its growth trajectory with the successful closure of a $25 million Series A Extension round. Ribbit Capital led this funding effort, underscoring Stitch’s position as an emerging leader in the payments industry.
In just two years since the launch of its inaugural payments product, Stitch has rapidly scaled its operations. Presently, the company processes over 50 million payments annually, amounting to more than $2 billion in value. Notably, Stitch serves as the primary payments facilitator for major enterprises in South Africa, including prominent names like MTN, Multichoice, The Foschini Group’s Bash, HollywoodBets, LottoStar, Luno, Yoco, among others, with additional high-profile clients set to join soon.
During this transformative period, Stitch has evolved from a single-method payment provider to an end-to-end solutions powerhouse, offering a diverse range of pay-in methods, extensive payouts capabilities, and a robust payments management platform known as PayOS. This platform enables seamless payments orchestration and reconciliation, consolidating various methods and providers under one application.
In tandem with this financing round, Stitch unveiled a comprehensive rebranding initiative to reflect its transition from an early-stage startup collaborating with fellow startups to a mature, growth-stage enterprise, trusted by both local and global industry leaders as their primary payments partner.
