Stitch, a South African fintech API startup, has announced a $2 million extension of its initial fundraising round, in addition to the $4 million announced in February this year. The fintech now has $6 million in venture funding and has confirmed its expansion into Nigeria, where its founders anticipate limitless prospects due to the market’s dynamism.
“Our ambition is to become the preferred partner of all African financial product firms. Access to the infrastructure that Stitch creates can help these businesses develop even more inventive solutions,’’ Kiaan Pillay, Stitch’s co-founder and CEO, said.
The Stitch API enables developers to quickly link apps to financial accounts, allowing users to share transaction histories and balances, validate their identity, and make payments. The finTech also enables firms to innovate by providing personal finance, loans, insurance, payments, and wealth management services.
In order to expand in Nigeria, Stitch chose to hand over the keys to the truck to Benjamin Dada, a financial technology expert who formerly worked with Nigerian neobank FairMoney. Dada has a blogging platform specialized on African tech startups, having studied information technology, management, and leadership at Lancaster University Management School and Harvard Business School Online, respectively.
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Note that the South African fintech has opted to provide free access to its products to Nigerian companies who want to engage with it till the end of 2021. Stitch Payments, its online payment solution for fintechs and other digital companies, was introduced earlier this week. Stitch claims that they can now provide seamless one-click payments.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
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