Earlier this year Chinabased, South Stitch Series, an online retailer that caters to tech enthusiasts, announced plans to expand its operations in both West and East Africa. With this, it would bring the online shopping experience to a wider range of users, and would further diversify its product offering. The company is also launching a new data and payments platform that will offer users a wider range of options and flexibility.
Stitch is a data API platform that connects financial accounts to provide a single payment solution. The platform allows businesses to build applications on top of its infrastructure. Its payment product, LinkPay, enables customers to make one-click verified payments to anyone, anywhere. In addition, LinkPay allows users to make seamless payouts for returning customers. As part of its growth strategy, Stitch launched its payments product in Nigeria and South Africa in October.
Earlier this year, the company raised $21 million in a Series A funding round. During the fourth quarter of 2021, Stitch saw a 44% month-over-month increase in customers, along with a 72% increase in linked financial accounts. This trend continued into the following six months, as Stitch increased its payment volume by 50%.