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Stitch Secures $21 Million Series A Funding Round

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API fintech company Stitch has announced a $21 million Series A funding round, led by The Spruce House Partnership. Stitch will use the funding to continue building the future of money movement by linking bank accounts, wallets and other stores of value, creating what it refers to as the “financial graph.”

Its payments and data infrastructure enables players across the fintech ecosystem — which is traditionally fragmented by technical, commercial and political barriers — to transact seamlessly, expand their revenue and growth potential, and significantly reduce conversion time and cost.

“We are incredibly fortunate to be supported by some of the best investors, founders and builders in the fintech space globally,” said Stitch co-founder & CEO Kiaan Pillay. “They are working closely with us to enable the boom we’re seeing in financial technology on the continent.

“Across the hundreds of customers we work with, big and small, we’re witnessing a record pace of development of new financial products. Our goal is to help fast-growing fintech and embedded finance companies more easily launch increasingly innovative and tailored products, expand into new markets and optimize their solutions – so they can grow even faster.”

Today, businesses interested in using Stitch can get started immediately via its self-service portal. The Stitch API enables businesses to easily access and link their users’ financial accounts to:

– Initiate secure bank transfers for one-click pay-ins and payouts.

– Access standardized and categorized transaction history and balance data, for affordability checks and income estimation assessments.

– Verify account information and ownership, to enable faster and more user-friendly digital onboarding, and to perform fraud checks.

Startups in Africa raised a record $4 billion in 2021, with the vast majority (estimated 62%) going to fintechs. Stitch serves these fast-growing businesses, from wallet-based companies like Chipper Cash, Luno and Zapper, to financial services providers like ImaliPay, to subscription and e-commerce players like FlexClub, to PSPs and payment aggregators like Peach and Yoco.

As embedded finance continues to gain traction and further adoption of digital finance solutions, the opportunity to provide foundational software that can enable businesses to launch, optimize and scale fintech solutions will only accelerate.

“We have been following startups in Africa for many years. Our diligence was very clear that this is one of the most talented teams on the continent, and we are excited to be a part of what they are building at Stitch,” said Ben Stein, co-founder of The Spruce House Partnership.

The funding will be used to significantly expand the team, launch new product offerings and enter new markets across the continent.

In addition to Spruce House Capital, new investors include PayPal Ventures, TrueLayer and Zinal Growth, among others.

Existing investors including firstminute capital, The Raba Partnership, CRE Venture Capital and Village Global also participated, as did founders of leading global fintechs including Chipper Cash, Quovo and Unit. The company had announced a $6 million seed round last year after it emerged from stealth in February 2021.

“Stitch is building critical infrastructure to enable faster, easier and more secure payments across Africa,” said Ashish Aggarwal, Director at PayPal Ventures. “We believe they will play a significant role in contributing to the overall growth of the fintech space in Africa – and are excited to be investing at this important moment in their journey.”

In the last quarter alone, the company saw 44% MoM customer growth and a 72% MoM increase in linked financial accounts on the platform. It’s had 104% MoM growth in payments value since launch.


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E-Business

Innovantics Bags Best Biometric Banking Solutions of the Year Award @ ABoICT 2024

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Innovantics Limited, end-to-end custom-built software solutions provider, has won the best biometric banking solutions of the year award at this year’s Africa Beacon of ICT (ABoICT) Awards held in Lagos at the weekend.

Innovantics Bags Best Biometric Banking Solutions of the Year Award @ ABoICT 2024

The biometric banking solutions was implemented by Innovantics for UBA, Africa’s pan-African bank to solve difficult business problems.

At the award ceremony organized by Communication Week, publishers of Nigeria CommunicationsWeek, Innovantics was commended for its biometric authentication, facial recognition solutions.

The Africa’s Beacon of ICT Merit Awards Series is widely regarded as the most prestigious annual event available in the ICT industry in Nigeria.

This year, the theme “Artificial Intelligence (AI): The Good, The Complex and The Anticipated” and it drew top politicians and government functionaries as well captains in the ICT industry as well financial institutions

Commenting, Ken Nwogbo, editor-in-chief and founder, Nigeria CommunicationsWeek, said that that the award will provide Innovantics with encouragement to continue to deliver and sustain more innovations.

In accepting the award, Thomas Ashi, co-founder and Digital Transformation Lead at Innovantics, who led the implementation for UBA, said that “we are also focused on positioning Innovantics, as a prominent player in the solutions space. Offering specialised and customised solutions across our coverage areas.”

Armed with bachelor’s degree in Physics from the University of Calabar, and an MBA from the Lagos Business School, as well MSc in Data Science and Analytics from the University of North Carolina, Charlotte, USA, Ashi said “Our future depends on us, so let’s build it together”

Ashi over 17 years of working experience included a one-year stint with Shell Petroleum Development Company of Nigeria where he participated in the Shell Intensive Training Program for graduates, popularly known as SITP/1, specializing in Information Technology.

Afterwards, he spent two years with the Catholic Institute of West Africa, Port Harcourt, as a Systems Administrator, where he set up the school’s Wide Area Network and Internet Access, before proceeding to work for Diamond Bank Plc.

For more than 12 years, his roles in the Bank’s IT department span, Software Development, Business Process Engineering, Business Analysis and Project Management. While in Diamond Bank, Ashi was credited for developing the first local global trade solution for the Bank’s International Trade Business, a Money Market Solution, an IT helpdesk platform, and a host of other solutions. He also pioneered the implementation of a Business Process Management platform for the Bank which accelerated the bank’s retail expansion by over 1000%.


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Tapswap Server Reportedly Breaks Down Due to Overcrowding from Nigeria

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TapSwap, a well-known cryptocurrency platform where users can engage in games to accumulate coins for later conversion into actual currency, has allegedly experienced a malfunction.

Tapswap Server Reportedly Breaks Down Due to Overcrowding from Nigeria

This information came to light through a series of social media posts discussing the platform’s current status.

Online posts have pointed out that TapSwap is presently undergoing maintenance and has become inaccessible due to a breakdown caused by excessive traffic.

Several users affected by the disruption have shared screenshots of notifications from TapSwap explaining the cause of the breakdown and subsequent maintenance.

Reacting to the post:

@Jessicalevi13: “TapSwap server always going down, lol. The only thing I see is Tears Loading.”

@CryptoDefiLord: “With the large numbers of people coming into #TAPSWAP every day, the team should be adding more servers to accommodate all these people. @tapswapai is the leading tap tap token on Telegram and shouldn’t be having such problems.”

@connectwithtola: “#TapSwap is overcrowded! Kudos to every Nigerian out there on TapSwap, we took this project mainstream 👏 I hope other projects are ready for us? We have so many powers 👹 to unleash heavily.”

 


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CITAD Launches Artie Robot, Coding Training of Girls in Kano

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Centre for Information Technology and Development (CITAD) has initiated an Artie Robot and coding training programme tailored for young girls in Kano State.

CITAD Launches Artie Robot, Coding Training of Girls in Kano

CITAD officials training girls at the event

This programme, designed to empower young female students is set to benefit 30 participants across three public secondary schools in its initial phase, as the official launch took place at Government Girls Secondary School Dorayi Karama.

Speaking at the event, Engineer Yunusa Zakari, executive director, CITAD represented by Buhari Abba, highlighted the programme’s objective to enhance the technological and coding skills of secondary school students.

He emphasised the importance of equipping young girls with the necessary skills to pursue careers in the rapidly evolving field of information technology.

Abdulrahman Babatunde, technical officer of Innovation and Creativity at CITAD, stressed the increasing relevance of coding and robotics skills for students, underscoring that learning to code opens up opportunities for innovation and empowerment.

Dr Kabiru Ado Zakirai, executive secretary of the Kano State Senior Secondary Schools Management Board (KSSSMB), noted the historical underrepresentation of women in STEM fields and expressed optimism that early exposure to robotics and coding could ignite a passion for these subjects among girls, paving the way for exciting career prospects in the future.

Malam Umar Yakasai , representing Dr Zakirai, urged students to leverage the knowledge gained from the programme to foster self-reliance.

Participants, including Maimuna Shu’aibu and Fatima Bashir, shared their learning experiences, highlighting various skills acquired, such as utilising robots for tasks like painting, drawing, and writing.


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