Stitch Continues Expansion by Raising $21Million

According to World Bank 1.7Billion adults are unbanked and Africa and Asia are the most affected. Open Finance has brought lots of improvement into the financial space through the aid of Fintech APIs. It is hopeful for rural dwellers to have access to financial services through the democratization of financial services.

Stitch a Fintech API provider is helping in the process of financial availability to end-users. The API Fintech’s firm just raised additional $21Million to further its operations in the continent. The Fund raised is Series A Funding  which was done 2022 after the start-up firm raised $4Million from Stealth and $2Million in 2021 making the total funds raised to $27Milion.

The South-African API Fintech’s firm helps company to build, optimize and scale financial products and services. The API Fintech’s firm also prides itself in assisting businesses throughout Africa and by positioning them to offer products and services without technical challenges and red tape.

Stitch also offer an API test credentials for developers and businesses to proffer solution to any technical challenges they are experiencing. The Fintech’ firm just launched a product tackling project called Financial Graph. The infrastructure functions for financial building blocks that can be interoperable across regions, for financial providers, banks, and other financial services.

The Financial Graph infrastructure allows developers and businesses write code once and launch in several markets and scale rapidly. The Financial Graph is like a social graph that encompass nodes of financial networks and their operations.

Stitch CEO, Kiaan Pillay once affirmed, ” We sort of view the broader financial ecosystem as a bunch of different nodes-bank accounts, merchants, such as fintech or end-users which are all connected.” He also affirmed,” Often, we think about the fact that these connections between geographies and institutions don’t exist yet. And a lot of what we try to do is to bridge those connections and to make these connections ubiquitous.”

Stitch envisions the Financial Graph in three stages. Firstly, the infrastructure of connecting financial services and bank accounts, secondly to help merchants and businesses build practical cases on the existing infrastructure, and thirdly, linking customers to their account courtesy Fintech businesses.