Stitch, a South Africa-based payments infrastructure company, raised $55 million in a Series B funding round to expand its offerings for enterprise merchants. Stitch said in a press release emailed to PYMNTS that the company will use the new funding to deepen its in-person payments offering, bolster its online payments suite, and enter the acquiring
This article was originally published here. Cross Switch, a leading provider of innovative payment solutions, has reached a significant milestone by securing its own Third-Party Payment Processor (TPPP) licence. The TPPP, issued by the Payments Association of South Africa (PASA) and sponsored by Absa, is a regulatory status that strengthens Cross Switch’s position in the
Vulindlela Moyo, Client Director at O-CITY Digital transformation is reshaping economies across the globe, and South Africa is no exception. Payment solution providers, including automated fare collection solution providers, are spearheading the change by delivering world-class digital technologies to improve people’s daily lives. Popular apps like MyCiTi, Rea Vaya, and Uber exemplify the growing adoption of digital
Visa, a global leader in digital payments, has announced strategic investments and commercial partnerships with two fintechs following their 12-week engagement through the Visa Africa Fintech Accelerator program, which enables start-ups to scale through training, mentorship, and networking opportunities. Visa’s investments include Konnect, a fintech based in Tunisia which enables seamless, accessible, and instant payments
By: Pierre Aurel, Chief Product Officer, Stanchion Payments Solution. Originally published here. The number of virtual cards issued worldwide is growing at an unprecedented pace. According to Juniper Research, global virtual card issuance is expected to grow at over 30% annually between 2023 and 2028, driven by relentless consumer demand for seamless, secure and convenient
PayShap is leading the charge as South Africa’s real-time payments landscape transforms. Built on the Rapid Payments Programme (RPP) rails, PayShap has emerged as a key product driving digital transactions, fostering financial inclusion, and accelerating the country’s shift towards a digital economy. Since its launch on March 13, 2023, PayShap has seen phenomenal growth, with
iKhokha, a fintech company dedicated to fostering growth for South African small businesses amid challenging macroeconomic conditions, hosted its first iKhokha Elevate event in Durban on Wednesday, March 12. The event, which saw hundreds of merchants attend in person and thousands more join online, focused on discussing the challenges and successes of small businesses. It
RealPay has strengthened its African footprint through expanded partnerships with leading financial institutions. These collaborations leverage innovative technology to promote financial inclusion and drive seamless payment processes across multiple countries. For more information about RealPay, click here. Founded in 2003, RealPay has pioneered time-sensitive payment solutions throughout the continent, helping businesses of all sizes—from small
African Development Bank Group and Standard Bank Group signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa. The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA).
Stitch has partnered with the Shyft team to offer instant top-ups on the Shyft wallet, providing customers from any bank with more immediate access to funds for global transactions. Payments infrastructure company Stitch has partnered with Standard Bank’s Shyft, the global money app, to enable instant top-ups on the Shyft wallet for customers from any
