Stitch, a Cape Town, South Africa-based fintech company, raised an additional US$25m in Series A funding.
The round, which brought total amount raised in the round to US$52m, was led by Ribbit Capital with participation from existing investors PayPal Ventures, The Raba Partnership and CRE Venture Capital and new investor 9Yards Capital.
The company intends to use the funds to continue building its payments solutions, and expand its business reach.
Co-founded by Junaid Dadan and Kiaan Pillay, Stitch provides payments solutions for businesses to connect to the financial system, so they can accept payments pay-by-bank, debit and credit card, manual bank transfer, recurring debits and cash. Over the last two years, the company has grown from a single-method (Pay by bank) provider to an end-to-end payments solution provider with eight pay-in methods (and counting), comprehensive payouts capabilities and a payments management platform (they call it PayOS), enabling payments orchestration and reconciliation via a single application.
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