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Stitch Money

From Wikipedia, the free encyclopedia
Stitch Money
Company typePrivate
IndustryFintech
Founded2019; 6 years ago (2019)
FoundersKiaan Pillay, Priyen Pillay, Junaid Dadan
Headquarters
Cape Town
,
South Africa
Area served
Africa
Websitestitch.money

Stitch is a South African payment gateway and payments infrastructure business that provides open access to multiple payments solutions, primarily for enterprise businesses. The company's headquarters are located in Cape Town, South Africa.[1]

History

[edit]

In 2019, Stitch was founded in Cape Town, South Africa as Stitch Money.[2]

In February 2021, Stitch emerged from stealth, having raised $4 million in seed funding. The initial focus of Stitch was on enabling businesses to access user financial accounts to view financial data.[3][4]

In April 2021, the company began piloting its first payments product – Pay-ins.[5]

In October 2021, the company raised a $2 million seed extension.[6][7]

In November 2021, Stitch pivoted fully into payments and launched its first payment method, Pay by bank. [8]

In February 2022, Stitch raised $21 million in Series A funding, led by New York-based long-term investment firm The Spruce House Partnership, for its API infrastructure and embedded finance platform.[9][10][11]

In April 2022, Stitch launched LinkPay – a first-in-market Pay by bank solution that allowed users to link their bank accounts so they could make one-click returning payments. [12][13][14][15]  

In July 2022, Stitch launched its Payouts product, enabling businesses to send money to any domestic bank account in South Africa.[16]

In November 2022, Stitch launched manual EFT, extending their payments offering beyond a single-method solution.[17]

In February 2023, Stitch launched cash as a payment method for digital services, and became one of the first PSPs in South Africa to offer Capitec Pay, the first direct bank API launched in South Africa. [18]

In March 2023 Stitch evolved into an end-to-end payment services provider (PSP), adding card payments, debit orders, and payment orchestration to their existing payments offering. [19]

In September 2023, Stitch announced its first spin-out brand, WigWag, offering payment links and other services for SMEs, startups and mid-sized businesses. [20][21][22]

In November 2023, Stitch launched Pay with crypto, enabling consumers to make payments to merchants directly from popular cryptocurrency wallets such as Binance, Valr and Luno, settling the merchants in ZAR.[23] [24][25]

In July 2024, Stitch launched digital wallet payments, including Apple Pay, Google Pay, and Samsung Pay, through one integration.[26][27][28]

In January 2025, Stitch announced its acquisition of ExiPay, which allowed them to add in-person payments to their offering and expand their client base to include in-person businesses, online businesses and omnichannel businesses. [29][30][31]

In February 2025, WigWag rebranded back under the Stitch umbrella as Stitch Express, offering payment plug-ins for e-commerce businesses that operate on platforms such as Shopify, Woo, Squarespace and Webflow.[32]

In April 2025, Stitch announced a Series B funding round of $55 million, bringing their total funding raised to $107 million. The round was led by global investment firms QED Investors, Glynn Capital, Flourish Ventures and Norrsken22, with participation from existing funders Ribbit Capital, PayPal Ventures, The Raba Partnership and Firstminute Capital.[1][33][34][35]

Products

[edit]

Stitch offers a variety of payment solutions for enterprise and e-commerce customers, including:

Online payments using a wide range of methods including card; Pay by bank direct bank APIs such as Capitec Pay, Absa Pay and Nedbank Direct EFT; debit order; DebiCheck; digital wallets (such as Apple Pay, Google Pay, and Samsung Pay); cash and Pay with crypto. [36]

In-person payments, including card present and alternative payment methods such as Pay by bank and Pay with crypto. Following their acquisition of ExiPay[29], Stitch is able to offer device-agnostic in-person payments solutions.[37]

Stitch also offers 24/7, 365 days a year, instant payouts, including withdrawals, refunds and disbursements. They also offer a float facility that allows customers to more easily manage their payouts and cashflow. [38]

Stitch Express

[edit]

Stitch Express, originally called WigWag, was created as a spin-off from Stitch in early 2024[20], with the intention of serving smaller e-commerce businesses, SMEs and startups. In early 2025, WigWag was brought back under the Stitch umbrella as Stitch Express. [32]

Stitch Express offers payments plugins for e-commerce businesses that leverage platforms like Shopify, WooCommerce, SquareSpace, Webflow, and others. [39]

References

[edit]
  1. ^ a b "Cape Town fintech Stitch unlocks R1-billion funding round". ITWeb. 2025-04-15. Retrieved 2025-06-13.
  2. ^ Gebre, Samuel (2022-02-14). "Stitch Raises $21 Million for African Fintech Market Expansion - BNN Bloomberg". Bloomberg. Retrieved 2022-11-23.
  3. ^ Adams, Ester (2021-10-29). "South African API Fintech, Stitch Raises $2m, Expands to Nigeria". Techawk. Retrieved 2022-11-23.
  4. ^ Kene-Okafor, Tage (2021-02-25). "Stitch emerges from stealth with $4M for its API fintech play in Africa". TechCrunch. Retrieved 2022-11-23.
  5. ^ "Stitch $21 million Series A and Africa's API fintech sector". Benjamindada.com, modern tech media in SSA. 2022-02-17. Retrieved 2022-11-23.
  6. ^ Nigeria, Ripples (2022-10-24). "US-based VC, Flourish Ventures, launches Africa-focused program, Madica. 2 other stories and a trivia". Ripples Nigeria. Retrieved 2022-11-23.
  7. ^ Kene-Okafor, Tage (2021-10-28). "Stitch gets a $2M seed extension, hires Benjamin Dada to lead Nigerian expansion". TechCrunch. Retrieved 2022-11-23.
  8. ^ Malinga, Sibahle (2022-04-25). "Stitch develops tokenised payment solution for SMEs". ITWeb. Retrieved 2025-06-13.
  9. ^ Kene-Okafor, Tege (2022-02-14). "Stitch raises $21M for its API infrastructure and embedded finance platform". TechCrunch. Retrieved 2022-11-23.
  10. ^ "Stitch raises $21M for its API infrastructure and embedded finance platform". CRE. Retrieved 2022-11-23.
  11. ^ "Stitch Raises $21M For Its API Infrastructure And Embedded Finance Platform". POCIT. Telling the stories and thoughts of people of color in tech. 2022-02-14. Retrieved 2022-11-23.
  12. ^ Jackson, Tom (2022-04-25). "SA fintech Stitch launches new one-click secure payments product LinkPay". Disrupt Africa. Retrieved 2022-11-23.
  13. ^ "Stitch Linkpay to enable users link accounts and make secure payment". Benjamindada.com, modern tech media in SSA. 2022-04-25. Retrieved 2022-11-23.
  14. ^ Augustine, Abraham (2022-04-26). "With Stitch's 'LinkPay', one-click checkout via bank transfer comes to South Africa and Nigeria". TechCabal. Retrieved 2022-11-23.
  15. ^ "Stitch Rolls Out Payments Product LinkPay". www.pymnts.com. 2022-04-25. Retrieved 2022-11-23.
  16. ^ "'One-click API' Stitch now makes it easier to move money". Ventureburn. 2022-07-05. Retrieved 2022-11-23.
  17. ^ "Stitch expands its payments ecosystem". ITWeb. 2022-11-24. Retrieved 2025-06-13.
  18. ^ "Stitch adds Capitec Pay to its impressive API offering". Ventureburn. 2023-03-03. Retrieved 2025-06-13.
  19. ^ "Stitch Expands to Offer Full Suite of End-to-end Payments Solutions, Designed to Enable Money Movement at Scale". Financial IT. Retrieved 2025-06-13.
  20. ^ a b Modise, Ephraim (2023-09-13). "Stitch dabbles in social commerce with new payments platform". TechCabal. Retrieved 2025-06-13.
  21. ^ "WigWag to help small businesses manage payments over WhatsApp". Cape Times. 2024-07-13. Retrieved 2025-06-13.
  22. ^ Mutisi, Tapiwa Matthew (2023-09-19). "Stitch launches no-code payment solution for SMEs called WigWag". Innovation Village. Retrieved 2025-06-13.
  23. ^ "Stitch introduces 'Pay with crypto' solution". ITWeb. 2023-11-21. Retrieved 2025-06-13.
  24. ^ "Stitch Launches Pay with Crypto, Enabling Customers to Pay Merchants Directly from Crypto Wallets". Financial IT. Retrieved 2025-06-13.
  25. ^ Ashiru, Grace (2023-11-22). "Stitch Debuts Crypto Payments in South Africa". Tech In Africa. Retrieved 2025-06-13.
  26. ^ Stitch (2024-07-09). "Stitch launches smartphone wallets solution for Apple Pay, Samsung Wallet and Google Pay transactions". Daily Maverick. Retrieved 2025-06-13.
  27. ^ "Stitch integrates big-three payment wallets". ITWeb. 2024-07-09. Retrieved 2025-06-13.
  28. ^ Megwai, Smart (2024-07-09). "Stitch Expands Payment Options for South African Businesses, Adding Apple Pay, Google Pay, and Samsung Wallet". Innovation Village. Retrieved 2025-06-13.
  29. ^ a b Stitch (2025-01-27). "Stitch acquires ExiPay, expands offering with in-person payments". Daily Maverick. Retrieved 2025-06-13.
  30. ^ "Stitch acquires ExiPay for In-person payments, expands into unified commerce". Retrieved 2025-06-13.
  31. ^ Nwosu, Emmanuel (2025-01-27). "South Africa's Stitch acquires ExiPay to offer in-person payments". TechCabal. Retrieved 2025-06-13.
  32. ^ a b Team, Editorial (2025-02-20). "WigWag Rebrands as Stitch Express to Enhance E-Commerce Payments". TechAfrica News. Retrieved 2025-06-13.
  33. ^ "Cape Town fintech Stitch secures R1bn in funding". Bizcommunity. Retrieved 2025-06-13.
  34. ^ "South Africa's Stitch secures $55M in new funding round". 2025-04-10. Retrieved 2025-06-13.
  35. ^ Towner, Lauren (2025-04-15). "Stitch Announces $55 Million Series B Funding Round to Bolster End-to-End Enterprise Payments Infrastructure Offering". FF News. Retrieved 2025-06-13.
  36. ^ "Stitch". www.stitch.money. Retrieved 2025-06-13.
  37. ^ "Stitch In-person payments". www.stitch.money. Retrieved 2025-06-13.
  38. ^ "Reliable Payouts in South Africa 24/7, 365". www.stitch.money. Retrieved 2025-06-13.
  39. ^ "Stitch Express". www.stitch.money. Retrieved 2025-06-13.
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