Stitch
Overview
Stitch is a financial technology company based in Cape Town, South Africa, founded in 2019 by Kiaan Pillay, Priyen Pillay, and Junaid Dadan. It specializes in providing open banking and payment products across Africa. Stitch aims to enable businesses and consumers to access the financial system more easily for improved money management. In its recent efforts to expand, Stitch has raised substantial funding and developed various financial APIs to enhance transaction security and reliability.
Recent Developments
In the past couple of years, Stitch has seen significant growth and expansion in its operations and services:
- January 2025: Stitch expanded its enterprise payment offerings by acquiring ExiPay, an in-person payments provider. This acquisition allows Stitch to support a more comprehensive payment solution, encompassing both online and in-person payment capabilities.
- October 2023: Stitch raised $25 million in a Series A extension, aimed at scaling its payment solutions and expanding into new markets.
- Launch of LinkPay (April 2022): Stitch introduced LinkPay, the first payments API in Africa that tokenizes user financial accounts. This innovation focuses on providing a secure payment solution by linking bank accounts with minimal friction.
- Expansion into Nigeria (October 2021): With an additional $2 million in seed extension funding, Stitch announced its entry into the Nigerian market, aiming to leverage the vast opportunities in its burgeoning fintech scene.
- Partnerships: Recently partnered with several clients and payment service providers, enhancing its omnichannel strategy. Notably, retail brand Bash/The Foschini Group highlighted the benefits from this collaboration, including enhanced payment success rates and more payment options for their customers.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2019 |
| Headquarters | Cape Town, South Africa |
| Founders | Kiaan Pillay, Priyen Pillay, and Junaid Dadan |
| Revenue | Estimated annual revenue of $15M as of 2025 |
| Profits | Not publicly disclosed |
| Key Investors | 500 Global, RaliCap, Ribbit Capital, and PayPal Ventures |
| Industry | Fintech |
| Number of Employees | Approximately 146 employees as of April 2025 |
Early History
Stitch was founded in 2019, aiming to tackle the complexities associated with APIs in the fintech sector. Initially, the firm focused on allowing businesses to access user financial accounts. This foundational capability laid the groundwork for Stitch to introduce significant products such as Pay-ins and eventually expand into tokenized payment systems like LinkPay. From the outset, Stitch was backed by several prominent investors, aiding its rapid growth and positioning it as a key player in the African fintech landscape.
Company Profile and Achievements
Stitch functions primarily as a fintech infrastructural platform, targeting seamless financial transactions through API technologies.
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2021: Raised $21 million in Series A funding to improve its API infrastructure and expand its embedded finance platform.
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Milestones:
- Launch of Pay-ins product boosting transaction support across various sectors.
- Introduction of Stitch's Payouts product in June 2022, enabling businesses to efficiently send payments to customers and partners.
- Attained key partnerships with significant players in various industries, including retail and financial services, enhancing its market presence.
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Achievements:
- Recognized as a key fintech platform in Africa. The company epitomizes modern financial practices through its adoption and integration of API-based solutions which are fundamental for financial service optimization across the continent.
Current Operations and Market Position
Stitch is currently operational within several African markets, providing robust solutions tailored for various clients ranging from e-commerce to financial services. It holds a strong position in leveraging the growing fintech landscape in sub-Saharan Africa, offering seamless integration paths for financial operations via its API platform. The acquisition of ExiPay catapulted its offerings into the physical retail sector, aligning it strategically for omnichannel operations. Stitch's innovative approaches give it a competitive advantage in servicing a diversified customer base, ensuring both online and in-person payment solutions are available.
Conclusion
Stitch continues to transform the fintech landscape in Africa with its innovative platform and strategic expansions. By offering solutions that incorporate both online and in-person payment capabilities, it significantly enhances its value proposition across various sectors. Looking forward, Stitch is poised to continue its trajectory of growth and influence by further expanding its technological offerings and entering new markets. As the demand for easier and more efficient transaction solutions increases, Stitch is well-positioned to serve as a pivotal player in the industry.