South Africa’s Stitch Raises $55 Million to Expand Enterprise Payments Infrastructure

South Africa-based payments infrastructure company Stitch raised $55 million in a Series B funding round to expand its offerings for enterprise merchants.

The company will use the new funding to deepen its in-person payments offering, bolster its online payments suite and move into the acquiring space, Stitch said in a press release emailed to PYMNTS.

Stitch has raised $107 million in total funding since it emerged from stealth in February 2021, and the company serves the payments needs of enterprise businesses in South Africa, including multi-line retailers, telcos and other omnichannel businesses, according to the release.

“We feel we’ve earned the right to work with clients across the board — not just for online or in-person payments, but with any money movement needs,” Stitch said in the release. “It felt like the right time to more aggressively expand our offering so we can further serve our clients.”

With its access to all local online payment methods and in-person payments, Stitch offers fraud prevention; flexibility and customization; technical and integration support; 24/7 customer support; and built-in redundancies and automated routing, according to the release.

So far in 2025, the company has launched its in-person payments solution after acquiring ExiPay and introduced a simple checkout solution called Stitch Express that is designed for online businesses of all sizes that use Shopify, WooCommerce and other eCommerce platforms.

Stitch is now expanding its in-person payments solution and said it will add acquiring to its services list soon.

The company’s latest funding round was led by QED Investors, per the release.

When Stitch acquired in-person payments provider ExiPay in March, Stitch said its solution serves retail merchants operating primarily in-store; retail merchants with an online and in-store presence; omnichannel merchants looking to unify their offering across channels; and merchants in the financial services or gaming spaces looking to accept payments or wallet top-ups in person and online.

The company’s latest funding round came about 18 months after it raised $25 million in a Series A extension in which PayPal Ventures, The Raba Partnership and CRE Venture Capital joined the earlier investors.