Stitch
“Can a vertically integrated, multi-rail PSP own enterprise payments infrastructure across South Africa and emerging Africa/MENA markets?”
Founded2019
HQCape Town, South Africa
FoundersKiaan Pillay, Priyen Pillay, Junaid Dadan
Total raised$107M
Latest roundSeries B, 2025
IndustryInfrastructure / Payments
The story
Stitch began in 2019 as an open finance / financial data API for African banks, similar to Plaid. After a 2021 pivot it relaunched as a Pay by bank pay-in product, then expanded in 2023 to a full end-to-end PSP with cards, debit orders, payouts and the PayOS orchestration layer. With the 2025 Series B, Stitch is vertically integrating into card acquiring via its Efficacy Payments arm, positioning itself as enterprise payments infrastructure across South Africa and the broader MENA/Africa region.
Product timeline
2019
Founded in Cape Town as Stitch Money, focused on open finance / data aggregation.· pivot
2021
Emerged from stealth with $4M seed; launched first pay-in product.· banking
2021
Pivoted fully into payments; launched Pay by bank.· pivot
2022
Raised $21M Series A led by The Spruce House Partnership.· banking
2023
Launched Card and Debit Order pay-ins plus PayOS orchestration; became full end-to-end PSP.· banking
2023
$25M Series A extension led by Ribbit Capital.· banking
2025
$55M Series B led by QED Investors; expanding into in-person payments and card acquiring via Efficacy Payments.· banking
Regulated entities
Third Party Payment Provider (TPPP)
South Africa
Stitch Money Proprietary Limited
The stack
Payments / PSP
Stitch Pay by bank (self-operated)Stitch Card pay-ins (self-operated)Stitch Debit Order (self-operated)Stitch Payouts (self-operated)Stitch In-person / Terminal (self-operated)Stitch + Efficacy Payments card acquiring (self-operated)Stitch BNPL (self-operated)
Lending
Open banking
Accounting gap: minor