In a recent development in the fintech space, Stitch, one of the leading players developing and operating the APIs across Africa, has confirmed raising $21 million in a Series A funding tranche.
Imperatively, inclusive of the $4 million stealth funding and the $2 million extension round, Stitch has raised $27 million till date.
Apparently, the South Africa based API fintech firm allows businesses to optimize, build, and scale financial products. The firm claims to create a ‘financial graph’ ecosystem with the new funding throughout Africa.
As per credible sources, Stitch has described the financial graphs to be a structure for financial building blocks which enable the businesses pen down code once, launch in various markets and scale with fast pace on the basis of interoperability across regions, banks, providers and other financial accounts.
Kiaan Pillay, Chief Executive Officer at Stitch commented that the firm views the vast financial ecosystem as a bunch of multiple nodes like bank accounts, end users or merchants, which are interconnected.
Kiaan mentioned that these connections between institutions and geographies don’t exist yet, and Stitch aims to abridge them, making them ubiquitous.
According to sources, Stitch has three stages of understandings of this graph, first being what the firm launched from stealth i.e, the clean infrastructural play of linking financial and bank accounts with API. The second to acquire businesses and merchants to build use application and cases on top of that infrastructure. The third one is to get the final consumers to link their accounts through these businesses.
Stitch grants solutions for e-commerce firms, platforms, marketplaces and their leading clients, fintech. Business customers such as Mono, Plaid, Okra and others use Stitch for cases like onboarding & KYC, lending, wallet top-ups and other services.