Funding Infusion of $50M for Stitch in Series B to Broaden African Payment Solutions
Stitch, a South African comprehensive payment solutions provider, has announced its aggressive expansion plans following a successful $55 million Series B funding round in April 2025. The investment, led by QED Investors, Norrsken22, Flourish Ventures, Glynn Capital, and angel investors such as Trevor Noah, will be used to enhance and expand Stitch's in-person payments offerings, enter the acquiring space, and further strengthen its online payment services.
Aggressive Expansion and Acquisitions
Stitch has been actively acquiring companies to broaden its product offerings. In early 2025, the company acquired the Dutch company ExiPay and rebranded the business as "Stitch In-Person Payments" to deliver in-person card and alternative payment solutions serving both enterprises and retail businesses. More recently, Stitch completed its acquisition of Efficacy Payments, gaining direct card acquiring capabilities within South Africa, an important step to strengthen its market position.
Product Enhancements and Partnerships
Stitch continues to develop and optimize its payment gateway platform, focusing on enterprise scalability, fraud prevention for debit order products like DebiCheck, and expanding integration options. Notably, Stitch partners with Standard Bank’s Shyft to enable instant wallet top-ups, and supports multiple digital wallets including Samsung Wallet and Apple Pay, which are growing rapidly in South Africa’s payment landscape.
Emphasis on Technology and Developer Ecosystem
The company is investing in its developer ecosystem, improving documentation, testing environments like Codespaces, and enhancing payout functionalities. This technical depth supports the ambition to be a robust payments platform capable of serving diverse financial needs.
Capitalising on Digital Wallet Adoption
Stitch is well positioned to capitalise on the surge in digital wallet adoption in South Africa, where over 70% of consumers now use digital wallets regularly. By integrating widely used wallets like Apple Pay and Samsung Pay into its platform, Stitch aims to make payments seamless and support enterprises in capturing this growing consumer preference.
With the new funding, Stitch is set to continue its growth trajectory, expanding its in-person payment solutions, entering the acquiring space, and enhancing its online payment services. This positions Stitch as a leading comprehensive payments provider with capabilities spanning online, in-person, and wallet-based payment services.
[1] Stitch Press Release, Stitch Announces Series B Funding Round to Expand In-Person Payments Offerings
[2] TechCentral, Stitch secures $55m Series B funding round
[3] Fin24, Stitch secures $55m Series B funding round to expand in-person payments
[4] Stitch Press Release, Stitch Introduces Express, a Simplified Checkout for Online Businesses
[5] ITWeb, Stitch positions itself as a comprehensive payments provider in SA
- Stitch, following its successful $55 million Series B funding led by technology-focused investors, aims to leverage technology to further strengthen its online payment services and enter the acquiring space, positioning itself as a leading comprehensive financial solution provider that offers both online and in-person payment solutions.
- The investment in Stitch has allowed for the acquisition of several payments-focused technology companies, including ExiPay and Efficacy Payments, with the aim of expanding its in-person payments offerings and enhancing its card acquiring capabilities within the South African market.
