South Africa-based application programming interface (API) fintech company, Stitch announced plans to expand to Nigeria after raising a $2 million seed extension.
The new funding round brings the company’s total seed funding to $6 million.
The Stitch API allows applications to interact with users’ bank accounts in a uniform, bank agnostic manner.
According to Kiaan Pillay, Stitch co-founder & CEO, the opportunities in Nigeria are endless.
“We’re super excited to be launching in Nigeria today, with support from some of the most incredible fintech founders and operators globally, Pillay 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.”
Pillay said Stitch has also been testing its payments product in Nigeria — and that they had a more compelling user’s case of the payments product in Nigeria after speaking to over 40 fintech firms.
He further explained that the aim is to become the go-to partner for any business building financial products in Africa.
In February 2021, the fintech firm raised an initial $4 million seed round, making it one of the largest funding rounds by any API fintech startup in Africa.
According to Stitch, the seed extension will enable them to fast-track development, launch their solution and continue to grow the team on the ground in Nigeria as they prepare to expand further across the continent.