African fintech startup Stitch has raised $25 million in a Series A extension round, bringing its total funding to over $50 million since its launch. According to a report by TechCrunch, the round was led by Truffle Security alongside participation from existing backers, giving the company fresh capital to expand its financial infrastructure products across the continent.
Stitch Builds Financial APIs for African Businesses
Founded in 2019 by CEO Kiaan Pillay, Stitch develops application programming interfaces (APIs) that allow businesses in South Africa and Nigeria to integrate payments, verify identities, and access bank account data. Pillay told TechCrunch that the new funds will support product development as the company scales its operations to meet rising demand for embedded finance tools. The startup processes millions of transactions for major enterprises, including multinational e-commerce platforms and digital lenders operating in sub-Saharan Africa.
Expansion Plans and Market Competition
The fresh capital arrives as competition intensifies within the African digital payments sector. Rival infrastructure providers such as Paystack, Flutterwave, and Mono are also scaling operations to capture market share in key economies. According to data cited by Disrupt Africa, venture capital funding for African fintech startups reached nearly $1.5 billion in recent consecutive funding cycles, though overall market volumes have faced macroeconomic headwinds. Stitch plans to deploy its Series A extension to hire engineering talent and build out additional compliance features for its platform.
Frequently Asked Questions
What services does Stitch provide?
Stitch provides API infrastructure that enables businesses to accept payments, disburse funds, verify customer identities, and read bank account data through a single integration.
Who invested in the recent funding round?
The $25 million Series A extension was led by Truffle Security, with backing from previous investors who supported the company’s earlier funding rounds.
Which markets does Stitch currently operate in?
Stitch operates primarily in South Africa and Nigeria, serving digital-first companies, banks, and large enterprises.