February 14, 2022

Stitch Raises $21M For Its API Infrastructure And Embedded Finance Platform

Kiaan Pillay runs Stitch, which offers a B2B application programming interface (API) focused on fintech infrastructure.

The founder has announced that Stitch — one of the prominent players building and operating these APIs in Africa — has raised $21 million in Series A funding.

The South African API fintech enables businesses to build, optimize, and scale financial products. With its API, developers can connect apps to financial accounts. This allows users to share their transaction history and balances, confirm their identities and initiate payment

Per a statement released by the company, it plans to create a “financial graph” ecosystem across Africa with the new funding. 

The funding comes a year after its $4 million raised out of stealth in February 2021, a prequel to the $2 million extension round it secured four months ago, bringing its seed round to $6 million. In total, Stitch has raised $27 million to date.

“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,” Stitch CEO Kiaan Pillay said to TechCrunch in an interview.

“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.”

Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.