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 space.
According to the release, Stitch has raised $107 million in total funding since it emerged from stealth in February 2021. The company serves the payment needs of enterprise businesses in South Africa, including multi-line retailers, telcos, and other omnichannel companies.
“We feel we’ve earned the right to work with clients across the board — not just for online or in-person payments, but with any money movement needs,” Stitch said in the release. “It felt like the right time to expand our offering to serve our clients more aggressively.”
According to the release, Stitch offers fraud prevention, flexibility and customisation, technical and integration support, 24/7 customer support, built-in redundancies, and automated routing with its access to all local online payment methods and in-person payments.
So far in 2025, the company has launched its in-person payments solution after acquiring ExiPay and introduced a simple checkout solution called Stitch Express. This solution is designed for online businesses of all sizes that use Shopify, WooCommerce, and other e-commerce platforms.
Stitch is now expanding its in-person payments solution and said it will add acquiring to its services list soon.
The company’s latest funding round was led by QED Investors, per the release.
When Stitch acquired in-person payments provider ExiPay in March, Stitch said its solution serves retail merchants operating primarily in-store; retail merchants with an online and in-store presence; omnichannel merchants looking to unify their offering across channels; and merchants in the financial services or gaming spaces looking to accept payments or wallet top-ups in person and online.
The company’s latest funding round came about 18 months after it raised $25 million in a Series A extension in which PayPal Ventures, The Raba Partnership and CRE Venture Capital joined the earlier investors.
