South African payment service provider Stitch has raised $55 million in a Series B funding round led by QED Investors.
Glynn Capital, Flourish Ventures and Norrsken22 joined in the round, alongside participation from existing funders Ribbit Capital, PayPal Ventures, The Raba Partnership and Firstminute Capital.
Stitch emerged from stealth in February 2021 and has raised $107 million in total funding to date.
The firm's full suite of payment methods serves some of the leading enterprise businesses in South Africa, including Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, TFG’s Bash, Hollywoodbets, Luno, The Courier Guy and more.
The company says the new funding will help it to deepen and expand its in-person payments offering, move into the acquiring space and further bolster its online payments suite.
The embedded payments platform moved into in-person payments in January through the acquisition of Dutch outfit ExiPay.
Earlier this year it also launched Express, a simple checkout designed for online businesses of all sizes across e-commerce platforms such as Shopify and Woo, in early 2025.
The upcoming move into acquiring means that Stitch will be able to offer its clients an end-to-end card product with full control over the whole product lifecycle.