Stitch Series, a South African-based fintech startup, has raised an impressive $21 million in Series A funding. The company has developed an API-driven, customer-centric financial services platform that enables businesses to quickly and easily access transaction histories, balance data, and payment history for all their customers. It also allows banks and other organizations to connect directly to its customer database through the payment gateway.
API-led financial services companies proliferate in Africa
There are a growing number of API-led financial services companies in Africa. These firms are redefining the industry, introducing new technologies to make banking more cost-effective and convenient for consumers. Unlike traditional financial institutions, these fintechs do not rely on credit scores or personal information to approve loans. Instead, they use big data and machine learning to paint a detailed picture of potential borrowers.
Some of the most prominent African fintechs include TymeBank and Stitch. Both of these organizations have raised large funding rounds.
TymeBank is a South African digital bank that has raised $109 million to expand into Asia. In addition to its base offerings, the company has built an open platform that allows it to connect with third-party providers.
Stitch is a South African fintech startup founded in February 2021. The company’s mission is to enable online payments and facilitate identity checks. It offers an identity and data API to developers.
African fintechs outperformed other startups in raising venture capital in January
Fintechs are digital technology-driven financial services companies. They provide new ways for customers to access financial services and lending opportunities. In addition, they offer assets that have previously only been available through institutional entities.
African fintechs have recently outperformed their counterparts in raising venture capital. According to a report by Disrupt Africa, more than ten percent of all startups in Africa raised venture capital last year, compared to just a sliver of startups from outside the continent.
A report by the African Private Equity and Venture Capital Association released in July states that investment in Africa is increasing at a fast pace. Investment is expected to continue to grow through 2020. The continent is home to many of the world’s fastest growing economies.
Investors in Stitch’s $21 million Series A
Stitch, a South Africa based fintech startup, has raised $21 million in Series A funding. The company, founded by Kiaan Pillay, is building modern payment rails for fintechs and traditional financial institutions to make it easier to transfer funds. Using a combination of APIs and data solutions, Stitch will connect your bank accounts with your apps.
Stitch’s payment product is a one-two punch, enabling you to make bank-to-bank transfers without leaving the app interface. It’s not yet clear how many payments are processed per month, but Stitch claims that it is on track to facilitate $10 million in monthly payments by December.
Stitch’s $21 million infusion will be used to expand to Nigeria, build out a team and expand its product lines. As well as launching new products, the company plans to bolster its marketing and engineering talent.
Payments product enables bank-to-bank transfers for one-click pay-ins and payouts
Stitch, a South African fintech startup, recently launched a new product that allows businesses to connect their financial accounts to enable one-click pay-ins and payouts. This product, which is also known as LinkPay, can be combined with the Stitch product suite to help businesses improve conversion rates and reduce costs.
It is no secret that payments are a key component of any business’s operations. However, the current payment landscape is unreliable and unsecure. With the rise of fraud and chargebacks, businesses are having to deal with long settlement times and high fees. In addition, traditional payment methods are not meeting the needs of today’s consumer.
To combat these problems, Stitch has introduced LinkPay, a linked-account payment product that helps businesses save money, reduce their cost of doing business, and reduce the risk of fraud. The product’s features include secure one-click payments, one-click payouts, and bank-to-bank transfers. Moreover, it can be integrated with the Stitch Payouts product, which allows users to send refunds and initiate variable recurring payments.
Data product enables businesses to access customer transaction histories and balance data
Stitch is a fintech startup that provides API access to financial accounts in Africa. It provides software for banks, ecommerce sites, payment service providers (PSPs) and payment aggregators. This allows companies to access data from a variety of financial products to build new services and to optimize their business.
The company is working to expand into more markets across Africa. In February, it is hosting an early-stage fintech showcase in Cape Town. As part of the event, it is inviting global fintech investors to meet with startups.
Stitch aims to accelerate the development of Africa’s FinTech sector. The company plans to focus on high-growth, early-stage startups from across the continent lobiastore.
The startup will also use the funding to expand its infrastructure to support payments. It is already live with payments in Nigeria and South Africa.
