South African Fintech Stitch Raises $55 Million Series B

Stitch has announced a $55 million Series B funding round led by QED Investors, enabling to deepen and expand their in-person payments offering, move into the acquiring space and further bolster their online payments suite, to better serve enterprise merchants across all payments needs. This round brings Stitch’s total funding to $107 million in four years.

The round will add significant global investment power – including QED Investors, Flourish Ventures, Norrsken22 and Glynn Capital – to our already expansive list of backers, including Ribbit Capital, PayPal Ventures, Firstminute Capital and angels such as Trevor Noah.

“Having closely followed the Stitch team over the past four years, it’s been impressive to watch their rapid growth and execution in becoming a trusted payment provider,” said QED Investors Partner and Head of Africa and the Middle East Gbenga Ajayi. “Stitch has consistently delivered world-class payment solutions, empowering global merchants with seamless, reliable and innovative experiences. Their ongoing expansion from a PSP to a comprehensive payments partner, including robust in-person payments and acquiring solutions, demonstrates their unique ability to anticipate market needs and execute at scale. At QED Investors, we’re thrilled to partner with such visionary founders, confident that Stitch will continue to set new standards in the payments industry across Africa and beyond.”