South Africa-based Stitch scores $21m

Stitch, a South African API FinTech developer, has reportedly raised $21m in Series A funding round.

The investment was led by The Spruce House Partnership, with commitments also coming from PayPal Ventures, TrueLayer, firstminute capital, The Raba Partnership, CRE Venture Capital and Village Global, according to a report TechCrunch. Founders of FinTech companies, including TrueLayer, Chipper Cash, Quovo and Unit, also contributed to the Series A.

With the funds, the company is planning to create a financial graph ecosystem across Africa. This would be an infrastructure for financial building blocks that allow businesses to write code once and then launch in several markets and then quickly scale.

Stitch CEO Kiaan Pillay told TechCrunch, “We sort of view the broader financial ecosystem as a bunch of different nodes–bank accounts, merchants such as FinTechs or end-users–which are all intrinsically connected.

“Often, we think about the fact that these connections between geographies and institutions don’t exist yet. And a lot of what we try to do is to bridge those connections and to make those connections ubiquitous.”

Stitch is an API infrastructure company that supports easy access to user financial accounts. Its APIs support pay-ins, payouts, financial data and verification.

The FinTech company launched out of stealth in 2021 alongside a $4m investment. It then raised a $2m extension round just months later.

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