South African Fintech Stitch Expands Into In-Person Payments With ExiPay Acquisition
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South African fintech company Stitch, renowned for its digital payment solutions, has acquired ExiPay, a startup specializing in in-person payment services for retail businesses. While financial details of the deal remain undisclosed, this acquisition enables Stitch to bridge the gap between online and offline payments, offering businesses a unified platform to streamline transactions across multiple channels.
Rebranded as “Stitch In-person Payments,” the ExiPay platform now provides enterprises with an advanced solution to manage transactions at the point of sale (POS). Its system seamlessly integrates with existing devices and acquiring banks, simplifying adoption for businesses.
The Stitch in-person payment platform is designed for enterprise-scale operations, offering robust features such as API integration for existing systems, support for terminal certifications like Point-to-Point Encryption (P2PE), and the ability to manage payment terminals across multiple locations.
The platform accommodates both traditional card payments and alternative methods, allowing businesses to provide a unified commerce experience by integrating in-store and online payments. Businesses can either customize the solution through Stitch’s API or use the Terminal Management Dashboard, which delivers detailed insights into store and device performance, helping optimize payment processes.
Stitch places a strong emphasis on security, with its platform certified under ISO 27001 and PCI DSS Level 1 standards to ensure robust data protection. Direct integrations with multiple banks and networks enhance reliability, offering faster issue resolution and automatic payment rerouting to maximize transaction success rates.
ExiPay’s Role in Stitch’s Vision
ExiPay, founded in 2022 by Derek Keats and Willem Büchner, developed POS terminals that processed R2 million ($106,000) in daily transactions by 2023. Backed by €5.4 million ($5.6 million) in funding from Izwe Africa, ExiPay brought a six-person team under Stitch’s umbrella following the acquisition.
Explaining the move, Stitch CEO Kiaan Pillay stated, “The in-person payments space has not been disrupted for enterprises. Many players are doing this for smaller businesses in the market, but no one is tackling this for enterprises; it was the big reason we wanted to do this.”
Instead of partnering with larger providers, Stitch opted for acquisition to maintain full control over its technology stack. According to Pillay, building a similar solution internally would have delayed their plans by 18 to 24 months.
Strengthening Africa’s Payment Ecosystem
Stitch already serves notable enterprises like MTN, MultiChoice, Cell C, and Bash. With this acquisition, the company aims to transform Africa’s payment landscape by enhancing convenience and efficiency for large-scale businesses.
Founded in 2019, Stitch has raised $52 million in funding and operates in South Africa and Nigeria, with plans to expand into Kenya, Ghana, and Egypt. The company’s integrated solutions, coupled with features like automatic payment rerouting, advanced analytics, and 24/7 support, position it as a key player in reshaping enterprise payments across the continent.
“This deal is attractive for both ExiPay and Stitch investors. We are sitting under one roof,” Pillay added, underscoring the strategic value of the acquisition in accelerating Stitch’s mission to simplify payments and support enterprise growth in Africa.
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