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Stitch: South African Fintech Startup Secures $4M Seed Funding

Stitch

The Cape Town fintech platform, Stitch, with a mission of making Africa a world-leader in fintech, reports a US$4 million seed round led by Raba and FirstMinute Capital.

The new funding round raised by Stitch is to solve the problems which made it launch initially, that is, its belief that building fintech in Africa is broken, compliance is mostly a hard task and the lack of proper infrastructure, which makes building products painful and slow as well as expensive. It is these the seed investment will go to address in a hurry across Africa.

The company received financial backing for its next stage of growth from seed investors including Rabafirstminute capitalCREVillage Global, 500 FinTech, FutureAfrica, Norrsken Foundation, Musha Ventures, Iqram Magdon Ismail, Michael Vaughan, Niklas Adalberth, David De Picciotto, Charley Ma, Sima Gandhi, Iyinoluwa “E” Aboyeji, Marc Bhargava, Carl Tremblay, Calanthia Mei, André Mohammed, Hannes Graah, Nitesh Banta, Eli Pollak, Aaron Fu, Johan Bosini, Wayne Stocks, Tom Phillips and more.

Stitch

The fintech startup started with just three (3) engineers and a broken payment app. It has now created a developer-centric API infrastructure, where it handles all the difficult tasks, like security, privacy and compliance as they want to make fintech accessible and affordable, enabling domain innovators to innovate.

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The team at Stitch have deep experience in building fintech and developer-facing products and have given indication that, they are currently building the Stitch API to make it seamless for African fintech developers to create new, improved and more ambitious products.

Kiaan Pillay, is the co-founder and CEO of Stitch. The platform has the following features: Transactions, that enables access to a user’s rich transaction history; Balances, to get up-to-date and detailed user balance information; Identity, ability to verify user KYC and identity information; Accounts, users get a full view of account types and Payment Initiation, customers can initiate bank-to-bank payments directly from the app.

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Funding

Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance

Curacel

The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.

The new investment will be used to accelerate Curacel’s expansion across Africa and facilitate the goal of becoming Africa’s premier provider of embedded finance technology for insurance.

The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.

Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies. 

Curacel

Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.

SEE ALSO |  Diool: Cameroonian Fintech Startup Raises $3.5M Seed Fund Led by Lundin FDN

With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity. 

According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,

“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”

At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services. 

IK Kanu, Partner at Atlantica Ventures noted that,

“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.” 

Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.

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