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South African Fintech Stitch Secures $25M Series A Extension Led by Ribbit Capital, Totaling $46M for Open Banking Expansion 🇿🇦

South African Fintech Stitch Secures $25M Series A Extension Led by Ribbit Capital, Totaling $46M for Open Banking Expansion 🇿🇦

#fintech
#financial services
#payments
#investments
#funding
Open banking, in which traditional banks release their data via application programming interfaces (APIs) to enable the development of new financial services for their consumers, has been one of the most significant disruptions in global payments over the past decade. Less than five years ago, this innovation, in which businesses use APIs to access customers’ financial accounts and provide an array of integrated and embedded financial services, took on in Africa.

📈 South African fintech Stitch raises $25M in Series A extension, totaling $46M, led by Ribbit Capital. The company aims to excel in the open banking sector and expand its financial services.


🌐 Stitch provides an end-to-end payments solution, enhancing online payments, and optimizing payment operations through API gateways. It's set to process over 50 million transactions worth $2 billion in 2023.


🚀 Ribbit Capital's investment signifies trust in Stitch's growth potential, aligning with the evolving fintech landscape in Africa.


🌍 Stitch's payment solutions target enterprise businesses primarily in South Africa, serving global PSP partners and exploring collaborations with global consumer internet companies.


🔐 With an orchestration layer, it simplifies payment methods, reconciliation, and disbursements, appealing to companies entering the African market.


💡 Stitch's modular approach allows easy product adoption, responding to the diverse needs of large enterprises and global clients.


💰 The Series A funds will drive platform development, customer expansion, and market diversification, emphasizing client-focused growth and precision engineering.


👥 Stitch plans to scale geographically and add more first-party payment methods to enhance its value proposition.


#Fintech #Payments #Investment #OpenBanking #AfricaFinance #Stitch #RibbitCapital


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