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South African API fintech startup Stitch has raised a USD 21 Mn Series A funding round to expand its team, launch new product offerings, and enter new markets across the continent. The round was led by The Spruce House Partnership, with participation from PayPal Ventures, TrueLayer, firstminute capital, The Raba Partnership, CRE Venture Capital, Village Global, Zinal Growth, and others, including founders of Chipper Cash, Quovo, and Unit.
The Stitch API allows developers to connect apps to financial accounts within minutes, allowing their users to share their transaction histories and balances, confirm their identities, and initiate payments. This tooling allows companies to innovate with new and improved services including personal finance, lending, insurance, payments, and wealth management. Stitch also enables fintechs to work with traditional financial institutions in a safer and more compliant way.