Stitch Raises $10 Million Series A to Fuel Payments Expansion in Africa and the Middle East
Stitch, an API-first payment infrastructure company focused on emerging markets, has successfully closed a $10 million Series A funding round to accelerate its growth and expand its service offerings across Africa and potentially into the Middle East.
Key Details
The $10 million Series A funding round was led by Norrsken VC. Significant participation also came from existing investors, including DN Capital, Brandstof, Localglobe, Ventura Capital, and Firstminute Capital. This investment marks a significant step for Stitch as it seeks to scale its operations and technology stack. The funds are earmarked for enhancing Stitch's core payment product suite and extending its geographical footprint beyond its current bases.
Implications
This funding underscores the growing investor confidence in the potential of unified financial infrastructure in emerging markets, particularly in addressing the fragmented payment landscape across Africa and the Middle East. By providing a robust API layer, Stitch enables businesses to seamlessly integrate various payment methods, streamlining operations and unlocking new opportunities. For founders and companies operating in or expanding into these regions, Stitch's platform offers a potential solution to complex payment challenges, fostering easier transactions and faster growth. The expansion plans signal increased availability and potentially tailored services for the MENA region.
About Stitch
Stitch is an API-first company building financial infrastructure for emerging markets, primarily focusing on Africa. Their platform provides developers and businesses with tools to integrate diverse payment methods, access financial data, and manage transactions through a single API. This approach aims to simplify the complexities of operating across multiple African countries, each with unique payment systems.
Looking Ahead
With this new capital infusion, Stitch plans to deepen its product development, particularly around its payment solutions. A key focus will be on significant geographical expansion, targeting new markets within Africa and setting sights on establishing a presence or expanding services in the Middle East. This move positions Stitch to become a more comprehensive financial infrastructure provider across a wider swathe of high-growth emerging economies, offering potential new tools and access for businesses targeting the MENA region.
Source: Wamda