Stitch Money Explained

Type:Private
Industry:Fintech
Founders:Kiaan Pillay, Priyen Pillay, Junaid Dadan
Hq Location City:Cape Town
Hq Location Country:South Africa
Area Served:Africa

Stitch is a fintech company operating in Africa providing open banking and payment products.[1] [2] [3] The company's headquarters are located in Cape Town, South Africa.[4]

History

In 2019, Stitch was founded in Cape Town, South Africa as Stitch Money.[5]

In February 2021, Stitch raised $4 million in seed funding. The firm was initially focused on enabling businesses to access user financial accounts to view financial data.[6] [7]

In April 2021, the company began piloting its first payments product – Pay-ins.[8]

In October 2021, the company raised a $2 million seed extension and announced expansion into Nigeria.[9] [10]

In February 2022, Stitch raised $21 million in Series A funding, led by New York-based long-term investment firm The Spruce House Partnership, for its API infrastructure and embedded finance platform.[11] [12] [13]

In April 2022, Stitch launched LinkPay – the first payments API in Africa that tokenizes user financial accounts.[14] [15] [16] [17]  

In June 2022, Stitch launched its Payouts product, enabling businesses to send money – including payments to customers, vendors, suppliers, and employees.[18]

Notes and References

  1. Web site: Elias . Maro . 2022-04-18 . Why Open Banking Is The Future of Fintech And What It Means for Card Networks . 2022-11-23 . Tekedia . en-US.
  2. Web site: East . Forbes Middle . South Africa-Based Fintech Startup Stitch Raises $21M In Latest Funding Round . 2022-11-23 . Forbes ME . en-US.
  3. Web site: Adams . 2022-02-16 . STITCH Raises $21 MILLION for }} API and Financial Platform Embedding ]. 2022-11-23 . COINNEWSEXTRA . en-US.
  4. Web site: Moyo . Admire . 2022-02-15 . Fintech start-up Stitch raises R316m in new funding . 2022-11-23 . ITWeb . en.
  5. Web site: Gebre . Samuel . 2022-02-14 . Stitch Raises $21 Million for African Fintech Market Expansion - BNN Bloomberg . 2022-11-23 . Bloomberg.
  6. Web site: Adams . Ester . 2021-10-29 . South African API Fintech, Stitch Raises $2m, Expands to Nigeria . 2022-11-23 . Techawk . en-GB.
  7. Web site: Kene-Okafor . Tage . 2021-02-25 . Stitch emerges from stealth with $4M for its API fintech play in Africa . 2022-11-23 . TechCrunch . en-US.
  8. Web site: 2022-02-17 . Stitch $21 million Series A and Africa's API fintech sector . 2022-11-23 . Benjamindada.com, modern tech media in SSA . en.
  9. Web site: Nigeria . Ripples . 2022-10-24 . US-based VC, Flourish Ventures, launches Africa-focused program, Madica. 2 other stories and a trivia . 2022-11-23 . Latest Nigeria News Top Stories from Ripples Nigeria . en-US.
  10. Web site: Kene-Okafor . Tage . 2021-10-28 . Stitch gets a $2M seed extension, hires Benjamin Dada to lead Nigerian expansion . 2022-11-23 . TechCrunch . en-US.
  11. Web site: Kene-Okafor . Tege . 2022-02-14 . Stitch raises $21M for its API infrastructure and embedded finance platform . 2022-11-23 . TechCrunch.
  12. Web site: Stitch raises $21M for its API infrastructure and embedded finance platform . 2022-11-23 . CRE . en-US.
  13. Web site: 2022-02-14 . Stitch Raises $21M For Its API Infrastructure And Embedded Finance Platform . 2022-11-23 . POCIT. Telling the stories and thoughts of people of color in tech. . en.
  14. Web site: Jackson . Tom . 2022-04-25 . SA fintech Stitch launches new one-click secure payments product LinkPay . 2022-11-23 . Disrupt Africa . en-GB.
  15. Web site: 2022-04-25 . Stitch Linkpay to enable users link accounts and make secure payment . 2022-11-23 . Benjamindada.com, modern tech media in SSA . en.
  16. Web site: Augustine . Abraham . 2022-04-26 . With Stitch's ‘LinkPay’, one-click checkout via bank transfer comes to South Africa and Nigeria . 2022-11-23 . TechCabal . en-US.
  17. Web site: PYMNTS . 2022-04-25 . Stitch Rolls Out Payments Product LinkPay . 2022-11-23 . www.pymnts.com . en-US.
  18. Web site: 2022-07-05 . ‘One-click API’ Stitch now makes it easier to move money . 2022-11-23 . Ventureburn . en-ZA.

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