Cape Town Fintech Stitch Unlocks R1-billion Funding Round

Stitch , which has a South African and pan-African focus and which was founded in 2020, is led by co-founder and CEO Kiaan Pillay previously co-founder of Nigerian ride-hailing app GoMyWay.

The money from the latest round, which brings Stitch's total funding over four years to 107-million, will be used to "deepen and expand" the company's in-person payments offering, move into the "acquired space" and bolster its online payments suite.

The round was led by global investment firms QED Investors, Glynn Capital, Flourish Ventures and Norrsken22, with participation from existing funders Ribbit Capital, PayPal Ventures, The Raba Partnership and Firstminute Capital, Stitch said in a statement on Tuesday.

Stitch's enterprise business customers include Takealot, Mr D, MTN, Vodacom, Standard Bank's Shyft, TFG's Bash, Hollywoodbets, Luno and The Courier Guy.