Celebrity Comedian Trevor Noah Backs SA Fintech Stitch In USD 55 M Series B

South African fintech Stitch has officially confirmed its USD 55 M Series B round, bringing its total funding to USD 107 M. The raise was led by QED Investors, with backing from Flourish Ventures, Glynn Capital, Norrsken22, and high-profile angels like Trevor Noah. Existing investors Ribbit Capital, PayPal Ventures, The Raba Partnership, and firstminute capital also participated.

The announcement, long speculated but only recently confirmed by CEO Kiaan Pillay, marks a pivotal moment for the company, which has rapidly evolved from an open banking API provider into a full-scale omnichannel payments platform. Founded in 2019, Stitch now supports both digital and in-person transactions for large enterprise clients including Takealot, Mr. D, MTN, Vodacom, Standard Bank’s Shyft, and TFG’s Bash, among others.

The new capital comes on the heels of Stitch’s strategic acquisition of payments provider Exipay, rebranded as Stitch In-Person Payments, allowing the company to offer seamless hybrid transaction solutions across industries like retail and hospitality. The integration aims to reduce dependence on third-party processors, enabling faster settlements and improved reliability; key selling points as businesses demand tighter control over payment infrastructure.

While Stitch has maintained a deliberate focus on the South African market, the company is eyeing selective expansion into other African countries, building the “rails” for a more interoperable digital economy. Its upcoming move into card acquiring signals a continued push toward end-to-end control of the payment lifecycle.

The round stands out amid a global VC slowdown, reinforcing fintech’s status as Africa’s most well-funded sector. But Stitch faces a competitive landscape, with rivals like Flutterwave and Paystack scaling aggressively. Execution, regulatory navigation, and continued product innovation will be critical as the company works to position itself as a cornerstone of Africa’s digital commerce infrastructure.