Stitch Funding, Investors & Competitors

Stitch has raised $107M across 5 funding rounds, most recently a $55M Series B in April 2025.

Last Stitch funding round

$55M

Series B · Apr 2025

Cumulative funding Stitch raised

$107M

across 5 funding rounds

Key investors in Stitch

  • Raba Partnership
  • Firstminute Capital
  • CRE Venture Capital
  • Ribbit Capital
  • QED Investors
  • Village Global
  • Everywhere Ventures
  • Flourish Ventures

Stitch Overview

About Stitch

Stitch is a Cape Town-headquartered fintech that equips businesses with payment infrastructure to integrate into Africa's financial ecosystem. Launched in February 2021, the company operates as a licensed payments service provider across South Africa and beyond, supporting card payments, instant EFT, SnapScan, and Mobicred for seamless pay-ins. Its platform also facilitates payouts to over 50 banks and handles financial management tools like virtual accounts. Stitch serves e-commerce merchants, subscription services, and gig platforms with fraud prevention and reconciliation features, backed by a remote workforce spanning multiple continents.


Founded

2019

HQ

South AfricaCape Town

Status

Privately held

Customer focus

B2B

Revenue model

Commission, Subscription

Stitch Funding History

Stitch has raised a total of $107M across 5 funding rounds.

Stitch's first fundraising round was a $4M seed round in February 2021. The most recent completed round was a $55M Series B in April 2025.

Stitch funding rounds

Stitch funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2025Series BQED Investors (lead); Norrsken22; Flourish Ventures; Trevor Noah; Firstminute Capital; Ribbit Capital; Glynn Capital Management; Raba Partnership$55MStitch is a South Africa-based fintech providing full-stack payments infrastructure, including online and in-person payments, payouts, account top-ups, fraud prevention via its Shield product, and support for enterprise merchants like Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno, and The Courier Guy. The company launched publicly in February 2021 and offers APIs with direct bank and network integrations, 24/7 support, built-in redundancies, and automated routing for reliability. Earlier in 2025, Stitch introduced Stitch Express, a streamlined online checkout for e-commerce platforms like Shopify and WooCommerce. Stitch raised $55 million in a Series B funding round announced around April 15, 2025, led by QED Investors, with participation from new investors Flourish Ventures, Norrsken22, Glynn Capital, and existing backers Ribbit Capital, PayPal Ventures, The Raba Partnership, Firstminute Capital, and angel Trevor Noah. This brought total funding to $107 million across rounds including a $4M seed, $6M extended seed, $21M Series A, and $25M extended Series A. The funding aims to deepen in-person payments, enter the acquiring space, bolster online payments, and serve enterprise merchants comprehensively across Africa. QED Investors highlighted Stitch's rapid growth, execution, and expansion from PSP to full payments partner.
Oct 2023Series ARibbit Capital (lead); SHAKTI; CRE Venture Capital; 9Yards Capital; Raba Partnership$25MStitch is a Cape Town-based fintech company founded in 2019, operating in the financial services sector with website stitch.money. It facilitates payments and related services in South Africa. Employee count is 101-200. The company raised $25 million in a funding round dated 2023-11-03, listed as 'Round 4', with total funding across rounds reaching $80 million by a later $55 million Round 5 in 2025-05-11.
Feb 2022Series AThe Spruce House Partnership (lead); Village Global; Two Culture Capital; CRE Venture Capital; Zinal Growth; Everywhere Ventures; Firstminute Capital; The Fintech Fund; Mischief; TrueLayer; Raba Partnership$21MStitch is a South African API fintech company providing payments and data infrastructure that enables businesses in the fintech ecosystem to connect bank accounts, wallets, and other stores of value, facilitating seamless transactions, KYC, onboarding, financial management, lending, wallet top-ups, and e-commerce checkouts. It serves customers including Chipper Cash, Luno, ImaliPay, FlexClub, Yoco, and others, aiming to build a 'financial graph' across Africa to reduce fragmentation and support embedded finance growth. The $21 million Series A round on February 14, 2022, was led by The Spruce House Partnership, with participation from PayPal Ventures, TrueLayer, Zinal Growth, firstminute capital, The Raba Partnership, CRE Venture Capital, Village Global, Two Culture Capital, and founders of Chipper Cash, Quovo, and Unit, matching the specified investors. The funding follows a $6 million seed round (initially $4 million in February 2021, extended by $2 million in October 2021), bringing total capital raised to $27 million at that point. Proceeds are allocated to expanding the team, launching new products, and entering additional African markets beyond South Africa and Nigeria. Stitch's API allows developers to access transaction histories, balances, verify identities, and initiate payments, positioning it as foundational infrastructure amid Africa's $4 billion startup funding in 2021, predominantly in fintech. Around the round, Stitch reported strong traction: 44% month-over-month customer growth and 72% MoM increase in linked financial accounts in Q4 2021; 104% MoM growth in payments value since April 2021 launch in South Africa; and was on track for $10 million in monthly payments by December 2021 after Nigeria expansion. Later developments include a $55 million round in 2025, but details focus on this 2022 Series A.
Oct 2021SeedMatt Robinson; CRE Venture Capital; Emilie Choi; Future Africa; Firstminute Capital; DCG Expeditions; Norrsken VC; Charles Delingpole; Tom Blomfield; 500 Fintech; Raba Partnership; 500 Global$2M-
Feb 2021SeedFirstminute Capital (lead); Raba Partnership (lead)$4MStitch is a South African API fintech company building financial infrastructure for Africa, described as "Plaid for Africa." The company's platform enables African fintechs and businesses to connect to financial services providers via APIs, creating what the company calls a "financial graph" to facilitate seamless transactions across traditionally fragmented markets.In February 2021, Stitch closed a $4 million seed round co-led by Firstminute Capital and Raba Partnership, emerging from stealth shortly thereafter. The round included participation from notable investors including Village Global, Musha Ventures, and strategic angels from Plaid, Coinbase, Paystack and Klarna. The company's founding team, led by CEO Kiaan Pillay alongside Natalie Cuthbert and Priyen Pillay, had already established strong market credibility within the African fintech ecosystem.The company subsequently raised additional funding, closing a $2 million extension round in October 2021 to bring total seed funding to $6 million. This was followed by a $21 million Series A round in February 2022 led by The Spruce House Partnership, and later a $25 million Series A extension in October 2023 led by Ribbit Capital. By April 2025, Stitch had secured $55 million in Series B funding to expand payment offerings for enterprise merchants, bringing cumulative funding to $107 million.

Who has invested in Stitch?

28 investors have backed Stitch across its funding rounds, including Raba Partnership, Firstminute Capital, CRE Venture Capital, Ribbit Capital, QED Investors and Village Global.

Lead investors include QED Investors, Ribbit Capital, The Spruce House Partnership, Firstminute Capital and Raba Partnership.


Stitch Investors

Investors in Stitch by funding rounds participated
InvestorHQRoundsRoleFirst check
Raba PartnershipSouth AfricaCape Town5LeadFeb 2021
Firstminute CapitalUnited KingdomLondon4LeadFeb 2021
CRE Venture CapitalUnited StatesNew York City, NY3ParticipantOct 2021
Ribbit CapitalUnited StatesSan Francisco, CA2LeadOct 2023
Norrsken22South AfricaCape Town1ParticipantApr 2025
Matt RobinsonUnited KingdomLondon1ParticipantOct 2021
Village GlobalUnited StatesLos Angeles, CA1ParticipantFeb 2022
SHAKTIUnited StatesSan Francisco, CA1ParticipantOct 2023
Flourish VenturesUnited StatesSan Francisco, CA1ParticipantApr 2025
Two Culture CapitalIrelandDublin1ParticipantFeb 2022
Emilie ChoiUnited StatesSan Francisco, CA1ParticipantOct 2021
Trevor NoahUnited StatesNew York City, NY1ParticipantApr 2025
Future AfricaUnited StatesSan Francisco, CA1ParticipantOct 2021

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Stitch

Stitch has acquired 2 companies to date.

Last acquisition by Stitch was on July 9th 2025. Stitch acquired Efficacy Payments for undisclosed valuation.


Latest Acquisitions by Stitch

Efficacy Payments
ExiPay
Description
Efficacy Payments is a fintech provider based in Nigeria that offers peer-to-peer transfers, card POS terminals, bulk disbursements, and merchant acquiring services. The platform supports real-time transactions via mobile apps and APIs, integrated with local banks for seamless naira settlements. Efficacy Payments enables SMEs in e-commerce and informal trade with low-fee payment gateways and fraud detection, operating across Lagos and expanding to West African markets.
ExiPay is a payment orchestration platform serving acquirers and PSPs with omnichannel processing, alternative payment methods, and terminal management. The Dublin-based solution supports NFC, QR codes, and softPOS across iOS/Android devices for seamless in-store and online transactions.
HQ CountrySouth AfricaIreland
HQ City
Cape Town
Dublin
Deal Date9 Jul 202527 Jan 2025
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Stitch Competitors

Stitch competitors include listed companies like S&P Global, Moody's and Constellation Software, and private ones like Ant Group, Jeeves and Tide.

Public and private companies comparable to Stitch
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Ant GroupChinaHangzhouPrivate$25B-$79B3.2x
JeevesUnited StatesMiami, FLPrivate$40M-$2.1B52.5x
TideUnited KingdomLondonPrivate$225M-$1.5B6.7x
S&P GlobalUnited StatesUnited StatesPublicly listed$15B$7.7B$119B9.1x
Moody'sUnited StatesUnited StatesPublicly listed$7.7B$3.8B$80B10.6x
Constellation SoftwareCanadaCanadaPublicly listed$12B$2.5B$43B3.5x

Stitch Public Comps

Stitch is still privately-owned, but its public comps include Shopify, S&P Global, MercadoLibre, Moody's, Block, PayPal, Constellation Software, Adyen, Corpay and Fiserv.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Shopify$12B$1.2B13.9x11.3x132.9x61.9x
S&P Global$15B$7.7B8.9x9.1x17.6x17.3x
MercadoLibre$29B$3.7B3.5x2.6x27.2x25.1x
Moody's$7.7B$3.8B11.2x10.6x22.5x20.1x
Block$24B$2.2B1.7x1.6x18.6x9.4x
PayPal$33B$7.2B1.4x1.4x6.6x6.9x
Constellation Software$12B$2.5B4.0x3.5x18.5x12.9x
Adyen$3B$1.4B6.5x6.3x13.7x11.9x

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Common questions about Stitch

When was Stitch founded?Stitch was founded in 2019.
Where is Stitch headquartered?Stitch is headquartered in Cape Town, South Africa.
Is Stitch publicly listed?No, Stitch is a private, VC-backed company.
How much funding has Stitch raised?Stitch has raised $107M across 5 funding rounds.
What was Stitch's last funding round?Stitch's last funding round was a $55M Series B in April 2025, led by QED Investors.
Who are Stitch's investors?Stitch's investors include Raba Partnership, Firstminute Capital, CRE Venture Capital, Ribbit Capital, Norrsken22, Matt Robinson, Village Global, SHAKTI, Flourish Ventures, Two Culture Capital and 18 others.
Which companies are comparable to Stitch?Companies comparable to Stitch include Ant Group, Jeeves, Tide, S&P Global, Moody's and Constellation Software.
How many companies has Stitch acquired?Stitch has acquired 2 companies, including Efficacy Payments and ExiPay.

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