Financial technology firm Stitch reveals Nigeria expansion


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content overseeing all content and taking deep dives into the trends and data driving changes in payments. Previously, Lucy worked as a technology journalist and editor,… Read more
  • Stitch, which is based in South Africa, has revealed that it has received US$2m in extended seed funding to help boost its product expansion into the major sub-Saharan African economy of Nigeria.
  • The firm, which specialises in application programming interfaces (APIs), will use the new funding for various purposes, including improving user experience.
  • “Nigeria is one of the most active markets on the continent, if not the world, for fintech. The opportunity we see here is endless,” said a spokesperson for Stitch.

Stitch, a financial technology company offering application programming interfaces (APIs), has announced that it will move into Nigeria.

The company, which is based in South Africa, will expand into the major sub-Saharan African economy.

It has also confirmed that it has received an extension to its seed funding.

The new funding totals US$2m.

This means that its total seed funding has now risen to US$6m.

The plan for the firm’s product offer in Nigeria is to provide a token-based ‘pay-by-bank’ service for online money transfers used by other financial technology firms, as well as firms more generally.

One of the goals is to deliver a better user experience, the firm said.

Another is to bring down the risk of fraud.

A senior figure at Stitch said that the company was aiming to become the default partner for a range of firms involved in the creation of financial products in Africa.

Kiaan Pillay, who is the chief executive officer and co-founder of the company, made the remarks in a statement.

“Our goal is to become the go-to partner for any businesses building financial products in Africa,” he said.

He went on to add that Stitch was looking to improve access to the infrastructure that the company is in the process of developing – all with the ultimate aim of increasing innovation.

“Access to the infrastructure Stitch is building can better enable these businesses to develop increasingly innovative solutions.

“They can now move money and access critical customer account data, while saving on costs, in hours rather than months.” 

In further remarks, he said that the company was very pleased about its expansion into Nigeria.

He also publicly thanked the funders who were helping to make it possible.

“We’re super excited to be launching in Nigeria today, with support from some of the most incredible fintech founders and operators globally,” he said.

“Nigeria is one of the most active markets on the continent, if not the world, for fintech. The opportunity we see here is endless.”

Stitch only launched in South Africa at the start of 2021.

Its payments solution offers a variety of benefits and advantages, including account balance checking and ID-verified payments.

Do you want to find out more about what the exciting international money transfer sector has to offer? If so, just head over to our reviews section to discover more.

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