2 weeks Ago By News Ghana
News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/stitch-raises-us50-million-series-b-to-expand-payment-infrastructure-in-africa/African fintech startup Stitch has secured $50 million in a Series B funding round led by Glynn Capital, Flourish Ventures, and Norrsken22, with participation from existing investors including Ribbit Capital and PayPal Ventures.
The latest injection brings the company’s total funding to $107 million since its 2021 launch, signaling robust investor confidence in its mission to reshape Africa’s digital payments ecosystem.Stitch, which provides payment infrastructure for major enterprises like MTN, Vodacom, and Standard Bank’s Shyft, plans to channel the funds into expanding its in-person payment solutions, enhancing online payment systems, and entering the card-acquiring market. This strategic shift will enable businesses to manage end-to-end card transactions, offering greater control over customer payment experiences.
The company recently bolstered its offline payment capabilities through the acquisition of Dutch fintech firm ExiPay, a move aimed at unifying online and in-person transaction processing. Stitch is also preparing to launch “Express,” a simplified checkout product for e-commerce platforms such as Shopify and WooCommerce, slated for release in early 2025.Operating primarily in South Africa, Stitch has quickly become a backbone for enterprises requiring scalable, secure payment solutions.
Its infrastructure supports diverse sectors, from retail giants like Takealot to financial services and logistics providers. The startup’s expansion into card acquiring positions it to compete more directly with established payment processors while addressing fragmented financial systems across the continent.Africa’s fintech sector continues to attract significant investment as digital payment adoption surges, driven by smartphone penetration and evolving consumer demands.
Stitch’s growth mirrors broader trends, with startups increasingly focusing on bridging online and offline transaction gaps. However, challenges such as regulatory variability and infrastructure disparities persist, requiring adaptable solutions tailored to local markets.As Stitch scales, its ability to balance innovation with operational reliability will be critical.
The company’s emphasis on cross-channel compatibility reflects a growing industry priority to serve businesses operating in hybrid digital and physical environments. With this funding, Stitch aims to solidify its role as a key enabler of Africa’s evolving financial landscape, where seamless payment integration remains pivotal to economic growth and inclusion. News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.
com.gh/stitch-raises-us50-million-series-b-to-expand-payment-infrastructure-in-africa/.
