Glynn Capital, Flourish Ventures, and Norrsken22 participated in the round, joining existing investors Ribbit Capital, PayPal Ventures, The Raba Partnership, and Firstminute Capital.
Stitch made its public debut in February 2021 and has since raised a total of $107 million in funding.
The company’s comprehensive payment solutions are already in use by major enterprise businesses across South Africa, including Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno, The Courier Guy, and others.
Stitch has stated that the new funding will enable it to enhance and expand its in-person payments offerings, enter the acquiring space, and further strengthen its online payment services.
The embedded payments platform began offering in-person payment solutions in January with the acquisition of the Dutch company ExiPay.
Earlier this year, it also introduced Express, a simplified checkout designed for online businesses of all sizes across e-commerce platforms such as Shopify and Woo, slated for launch in early 2025.
The company’s upcoming foray into acquiring will enable Stitch to provide its clients with a comprehensive card product, giving them full control over the entire product lifecycle.
