The company plans to enter new markets

Spruce House Partnership, located in New York, sponsored a $21 million investment in a South African business creating software infrastructure for the continent’s booming finance sector.

Stitch co-founder and CEO Kiaan Pillay said, “The business wants to utilize the funding to grow into new markets and new products.”

Startups in Africa raise record amount in 2021

“Our objective is to make it easier for fast-growing fintech and integrated finance firms to create more creative and specialized solutions,” Pillay added.

The startup, which was created in 2019, is developing a financial infrastructure that connects bank accounts, wallets, and other value-storage devices. His clients include Chipper Cash, a pan-African money transfer provider; Luno, a crypto platform; and Zapper, a mobile payment startup.

Last year, African startups raised a record sum of over $5 billion, with fintech businesses receiving the majority of the funds. Given its young, tech-savvy population and tiny traditional banking industry, Africa is viewed as a potential location for a rising sector.

Stitch is constructing crucial infrastructure across Africa to allow quicker, simpler, and more secure payments. “We believe they will play a critical role in the overall expansion of the fintech market in Africa,” said PayPal Ventures’ Ashish Aggarwal.

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