Stitch, Cape Town-based fintech, raises R1 billion Series B funding

Cape Town’s Stitch, a specialist in enterprise payments infrastructure for the South African and pan-African markets, has secured a substantial US$55 million (R1 billion) Series B funding round, led by global investment leader QED Investors. Read: Vivo X200 Pro Review: Tantalising telephoto Founded in 2020 by co-founder and CEO Kiaan Pillay, Stitch is building a robust payments ecosystem. This latest investment, bringing its total funding to US$107 million, will accelerate its innovation in key areas: expanding its recently introduced in-person payments offering (a result of the ExiPay acquisition), moving into the acquiring space to offer end-to-end payment solutions, and further strengthening its comprehensive online payments suite.

The funding round attracted a strong cohort of global investors, including QED Investors, Glynn Capital, Flourish Ventures, and Norrsken22, with continued backing from existing investors Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital, the company announced on Tuesday. Stitch’s impressive client roster includes major enterprises like Takealot, Mr D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno, and The Courier Guy, underscoring its significance in the regional payments landscape. A key focus for Stitch is the rapid expansion of its in-person payments capabilities, following the strategic acquisition of ExiPay.



The company is also set to enhance its service offering by introducing acquiring functionalities. Stitch provides a comprehensive suite of payment products, encompassing traditional methods like card payments and EFT, modern solutions such as pay by bank and popular digital wallets (Apple Pay, Google Pay, Samsung Pay, alongside local options like Capitec Pay and Absa Pay), as well as cash, DebiCheck, continuous payout options, and its growing in-person payments solution. In early 2025, Stitch demonstrated its commitment to supporting the broader e-commerce ecosystem with the launch of Express, a simplified checkout solution designed for online businesses of all sizes utilizing platforms like Shopify and WooCommerce.

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