Stitch Announces $25 Million Series A Extension
Stitch Announces $25 Million Series A Extension. South African company Stitch is super excited to share its latest phase of growth at Stitch. The company recently closed a $25 million Series A Extension, led by Ribbit Capital.
The company launched its first payments product only two years ago. Today, it is processing over 50 million payments annually, and over $2 billion in value, for some of the largest businesses operating in South Africa, including MTN, Multichoice, The Foschini Group (TFG)’s Bash, HollywoodBets, LottoStar, Luno, Yoco and many more – with a few more exciting clients launching soon.
Over the last two years, Stitch has gone 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 robust payments management platform, enabling payments orchestration and reconciliation via a single application. PayOS works as well for Stitch methods as it does for other providers and methods.
To reflect its growth and development, Stitch launched a rebrand alongside this funding round to demonstrate its growth from an early-stage startup working with other startups to a growth-stage business that’s trusted today by global and local large enterprises as their primary payments provider.
The company learned quickly that it can’t be everything to everyone. It believes that early clients shape the product and company businesses become, and as such, it has had to be incredibly selective about who it works with. About 18 months ago, the company made a bet that if it could start by enabling better, more efficient money movement for large enterprises with the most complex needs and processes, it could later adapt that and make it work more easily for smaller businesses. This early shift to focus on enterprise clients required the company to make changes to how it builds, how it goes to market with new solutions and how it supports its clients.
Over the last six months, Stitch tested this theory and built a simplified, no-code version of its product that’s designed specifically for SMEs without access to developer teams or even a website. Last month, it officially launched this solution as a spin-out brand: WigWag. The company is excited about the early uptake WigWag’s had, and what it means for small businesses and sellers who wouldn’t otherwise have access to simple digital payments.
“Having the right support makes all the difference. We’re incredibly fortunate to be backed by the absolute best investors and partners for fintechs in the world. Truly. Our investors have either started or backed the most prolific and successful fintech businesses – and we are benefitting from the lessons they’ve learned along the way. We’re excited to add our latest investors to this roster and look forward to achieving more growth, together. ” the company said in statement.
