South Africa: Stitch raises $55m from QED, Norrsken22, Trevor Noah, others
Stitch has announced a $55 million Series B funding round led by QED Investors.
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Stitch, a South Africa-based payments infrastructure company, has announced a $55 million Series B funding round.
This round was led by QED Investors with participation from Flourish Ventures, Norrsken22 and Glynn Capital, as well as existing backers Ribbit Capital, PayPal Ventures, Firstminute Capital and angels such as Trevor Noah.
This round brings Stitch’s total funding to $107 million.
“Having closely followed the Stitch team over the past four years, it's been impressive to watch their rapid growth and execution in becoming a trusted payment provider,” said QED Investors partner and head of Africa and the Middle East, Gbenga Ajayi.
“Stitch has consistently delivered world-class payment solutions, empowering global merchants with seamless, reliable and innovative experiences. Their ongoing expansion from a PSP to a comprehensive payments partner, including robust in-person payments and acquiring solutions, demonstrates their unique ability to anticipate market needs and execute at scale. At QED Investors, we’re thrilled to partner with such visionary founders, confident that Stitch will continue to set new standards in the payments industry across Africa and beyond,” Ajayi added.
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