South African API fintech Startup, Stitch, Announces Expansion Amid Funding

South African API fintech startup Stitch has announced expansion into Nigeria, as well as a $2M seed extension bringing their total seed funding to $6M.

Participating investors in the round include founders of Monzo, GoCardless, ComplyAdvantage, and President of Coinbase, who join existing backers Raba, firstminute capital, CRE, Village Global, 500 FinTech, FutureAfrica, Norrsken Foundation and many others

Stitch was launched in February 2021, the startup aims at enabling firms connect their apps to users’ financial accounts, allowing them share their transaction history and balances, confirm their identities and initiate payments.

Stitch leverages its API to offer seamless, tokenized pay-by-bank product to help businesses and fintechs in Nigeria improve their user experience, eliminate fraud and reduce fees associated with other payment
methods.

Stitch co-founder & CEO, Kiaan Pillay speaking on the development expressed excitement on the expansion to Nigeria while also stating that Stitch can businesses develop innovative solutions.

“Our goal is to become the go-to partner for any businesses building financial products in Africa. Access to the infrastructure Stitch is building can better enable these businesses to develop increasingly innovative solutions.

“They can now move money and access critical customer account data, while saving on costs, in hours rather than months.

“We’re super excited to be launching in Nigeria today, with support from some of the most incredible fintech founders and operators globally.

Nigeria is one of the most active markets on the continent, if not the world, for fintech. The opportunity we see here is endless,” said Pillay.