South African financial infrastructure startup Stitch raises $21mln

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RIYADH: Stitch, the South African financial infrastructure building startup, has raised $21 million.

Its funding round was led by New York's Spruce House Partnership along with other investors including PayPal Ventures, Truelayer, and Village Global.

The money will be used to expand into new African fintech markets.

The startup, which was set up in 2019, builds financial infrastructure that links bank accounts, wallets, and other stores of value.

This is creating an easier, faster, and more secure payment system for fintech companies, it claims.

‘‘Our goal is to help fast-growing fintech and embedded finance companies more easily launch increasingly innovative and tailored products,’’ co-founder and CEO Kiaan Pillay told Bloomberg.

Since the majority of financing raised by startups in Africa last year went to fintech companies, the continent is seen as an ideal step for Stitch's expansion, Bloomberg reported.

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