SA Fintech Start-Up Stitch Reflects On Nigerian Expansion
SA Fintech Start-Up Stitch Reflects On Nigerian Expansion. In an interview with Tech Crunch, South African fintech startup Stitch shared its thoughts on expanding to Nigeria, the company also shared its future plans regarding its business in the country.
It said, “We recently had a few customers go live in Nigeria, which has been very exciting for us. We just offer payments there but are eager to deepen the products. We will look at adding data and identity this year, as well as deepening the payments set similarly to how we have it in South Africa.” The company also reiterated that with the $21 million in Series A funding led by New York-based long-term investment firm The Spruce House Partnership, it aims to expand its team across offices in Cape Town, Johannesburg and Lagos, launch new product offerings and enter new markets across the continent.
“We have been following startups in Africa for many years. Our diligence was very clear that this is one of the most talented teams on the continent, and we are excited to be a part of what they are building at Stitch,” Ben Stein, co-founder of The Spruce House Partnership told Tech Crunch. Stitch is an API infrastructure company, the company enables simple, easy access to user financial accounts. Its mission is to make it easier for businesses across Africa to build, optimise and scale financial solutions.
“Everyday, we see more innovative tech businesses launching across Africa. We couldn’t be more excited about their potential to improve access and financial health across the continent. At Stitch, our goal is to make it easier for the teams building these solutions to start, optimise, and scale their businesses.” The company said on its website.
The company has witnessed firsthand how difficult it is to build the bespoke integrations and stacks necessary to successfully launch a financial product – especially when they aren’t part of the core offering. With that in mind, it launched Stitch in South Africa in early 2021, and expanded to Nigeria in October 2021. By Thomas Chiothami
