Stitch, an API fintech company, has announced a Ksh. 2.4 billion (USD 21 million) Series A funding round led by The Spruce House partnership. Stitch intends to use the funding to continue building the future of money movement by linking bank accounts, wallets and other stores of value, creating what it refers to as the financial graph across Africa.
In addition to Spruce House Capital, new investors include PayPal Ventures, TrueLayer and Zinal Growth, among others. Existing investors including Firstminute capital, The Raba Partnership, CRE Venture Capital and Village Global also participated, as well as founders of leading global fintechs including Chipper Cash, Quovo and Unit. The company had announced a Ksh. 681.9 million (USD 6 million) seed round last year, after emerging from stealth in February, 2021.
The company’s payments and data infrastructure enables players across the fintech ecosystem to transact seamlessly, expand their revenue and growth potential, and reduce conversion time and cost. Businesses interested in using Stitch can get started immediately via its self-service portal. The Stitch API enables businesses to easily access and link their users’ financial accounts to do the following.
- Initiate secure bank transfers for one-click pay-ins and payouts.
- Access standardized and categorized transaction history and balance data, for affordability checks and income estimation assessments.
- Verify account information and ownership, to enable faster and more user-friendly digital onboarding, and to perform fraud checks.
“We are incredibly fortunate to be supported by some of the best investors, founders and builders in the fintech space globally. They are working closely with us to enable the boom we’re seeing in financial technology on the continent. Across the hundreds of customers we work with, big and small, we’re witnessing a record pace of development of new financial products,” said Stitch co-founder and CEO, Kiaan Pillay.