Stitch aims to use the funding to build out its infrastructure and expand its team. Here are the top-line bullets you need to know.
Stitch, an embedded finance platform, has raised $21M in a Series A. The round drew participation from Spruce House Investment Management, PayPal Ventures, TrueLayer, and CRE Venture Capital, among others.
How’s the company performing?
- South Africa-based Stitch helps organizations connect to users’ financial accounts in order to build, scale, and optimize financial products.
- Stitch caters to fintech companies, e-commerce companies, payments aggregators, and marketplaces such as Chipper Cash, ImaliPay, Luno, Yoco, and FlexClub.
- Since the launch of its payments product in April 2021, the company’s payments value has grown 104% month-over-month.
- In Q4’21, the platform saw a 72% month-over-month increase in linked financial accounts and 44% month-over-month customer growth.
- Stitch has offices in Cape Town, Lagos, and Johannesburg.
Source: Stitch
Why does the market matter?
- The global API management market is expected to reach a value of $13.6B by 2028, growing at a CAGR of 28.77%, according to Verified Market Research.
- Increasing smartphone penetration and the widespread proliferation of applications have contributed to market growth.
