South African API Stitch has raised $21 million in Series A funding. The fintech API company empowers businesses throughout Africa to build a robust financial network.
The funding was participated by Spruce House Partnership, PayPal Ventures, and TrueLayer alongside an amalgamation of global and local investors. This considerable investment will enable its function and boost its employees to expand its API with seamless bank payments and easy access to financial data.
African startup industries have been serving ambiguously for the fintechs department. According to a recent report, the African start-up closed off a whopping sum of $4 billion in 2021. Approximately 62 percent of the amount predominantly choosing to hold on to fintech business.
Stitch, among the other fintech business firms, set out to be a rapidly growing business from payment-based firms like Chipper Cash, Luno, and Zapper to financial business developers like ImaliPay, and subscription and e-commerce players FlexClub, as well as PSPs and payment aggregators like Peach and Yoco.
Fintech increases the financial market with a simple nuanced method to keep it simplistic. As rooted finance has been unceasingly gaining propulsion and further adoption of digital finance solutions, the process boosts the business space to offer foundational software that would be a central source for the business to launch, optimize, and calculate the fintech solutions.
Ben Stein, the co-founder of The Spruce House Partnership, said, “We have been following startups in Africa for many years.” He further added, “Our diligence was evident that this is one of the most talented teams on the continent, and we are excited to be a part of what they are building at Stitch.”
Ashish Aggarwal, Director at PayPal Ventures, said, “Stitch is building critical infrastructure to enable faster, easier, and more secure payments across Africa.”
On February 14, today, companies who have shown interest in using Stitch can kickstart their business through the Stitch self-services portal. The Stich API allows Businesses to gain access to linking their users’ financial accounts to:
• Set up well-protected bank transfers for one-click pay-ins and payouts.
• Unlimited access to standardized and categorized transaction history
• Verify account information and ownership to perform faster and user-friendly digital onboarding.