South African payments infrastructure company Stitch has announced the launch of a new payment method, “Pay with crypto”, which enables businesses to allow a growing set of customers that wish to buy goods and services using crypto to do so directly, and get settled in ZAR.
Founded in February 2021, Stitch is a payments infrastructure company that helps businesses scale faster, and operate more efficiently. The Stitch payments API and tools reduce the effort required for businesses across sectors to connect to the financial system and deliver delightful experiences for their users.
With its recent US$25 million Series A extension round, the startup has raised a total of US$52 million in funding, and expanded to become an end-to-end payments service provider. It has now added further payments functionality via Pay with crypto.
With Pay with crypto, businesses in South Africa can offer customers the option to make a deposit or check out using crypto stored in their VALR or Binance wallets, or send Bitcoin or Ethereum directly. The business will then get settled in ZAR, meaning they have no need to worry about managing currency fluctuations.
“Cryptocurrency adoption in South Africa has been one of the highest in the world. There’s a massive audience that would prefer to use their crypto to make payments. We’re excited to offer Stitch clients an opportunity to reach and serve this audience, without the need to take on direct volatility risk, thanks to our Pay with crypto method,” said Stitch president Junaid Dadan.