South African API fintech startup, Stitch, has bagged an additional $2mn for its seed round after raising $4mn earlier this year bringing its total seed round to $6mn.
The round had participation from investors including existing backers Raba, Firstminute Capital, CRE, Village Global, 500 Fintech, Future Africa, and Norrsken. New investors, participated as well. They include Tom Blomfield, co-founder of Monzo and GoCardless; Matt Robinson, co-founder of GoCardless; Emilie Choi, president and COO of Coinbase; and Charlie Delingpole, founder of ComplyAdvantage.
Stitch has also expanded to Nigeria, and this seed extension will allow the company to accelerate development, launch its product, and increase its team in Nigeria.
Kiaan Pillay Stitch co-founder & chief executive officer CEO said “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.”
What You Need To Know About Stitch
The Stitch API enables developers to easily connect apps to bank accounts, allowing users to share transaction histories and balances, validate their identities, and make payments.
Companies can use these tools to develop new and improved services in areas including personal finance, lending, insurance, payments, and wealth management. FinTech’s can also use Stitch to collaborate with traditional financial institutions in a more secure and regulated way.
The company has also appointed Benjamin Dada as country manager to lead expansion in Nigeria. Stitch will launch with a seamless, tokenized pay-by-bank offering to assist Nigerian companies and fintechs in improving their user experience, eliminating fraud, and lowering fees associated with alternative payment methods.
Nigerian businesses that want to utilize Stitch would have free access to the product till the end of 2021.
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