Stitch Acquires ExiPay

South African fintech Stitch, known for its robust online payment infrastructure, has made a strategic move by acquiring ExiPay, a startup specializing in in-person payment solutions for retail businesses. While the acquisition price remains undisclosed, the deal enables Stitch to offer a comprehensive omnichannel payment platform that seamlessly integrates online and in-person payment capabilities for enterprise clients.

This development positions Stitch as a key player in South Africa’s retail payment ecosystem, addressing the fragmented gap between digital and physical payment systems.


What Does This Acquisition Mean?

The acquisition allows Stitch to merge ExiPay’s point-of-sale (POS) technology with its own online payment capabilities, creating a one-stop payment solution for enterprises. This move is particularly timely given the growing demand for integrated payment systems in South Africa’s retail market, where businesses struggle to reconcile payments across different channels.

Key Highlights of the Deal:

  1. Integrated Payment System: Enterprises can now track payments across online and in-store channels from a single platform, improving operational efficiency and visibility.
  2. Rebranded Service: ExiPay’s technology will be rebranded as “Stitch In-person Payments”, with Stitch targeting its existing enterprise customers, including prominent players like MTN, MultiChoice, and Bash.
  3. Faster Time-to-Market: Stitch avoided the 18–24 months it would have taken to build an in-house in-person payment solution, gaining immediate access to ExiPay’s proven infrastructure.

Why the In-person Payments Market Matters

The in-person payments market in South Africa has seen limited innovation for enterprises, even as smaller businesses gain access to modern solutions like mobile POS systems. This presents a massive untapped opportunity for Stitch to disrupt the sector by focusing on large retail chains and established enterprises.

“The in-person payments space has not been disrupted for enterprises,” said Stitch CEO Kiaan Pillay. “Many players are doing this for smaller businesses, but no one is tackling this for enterprises.”

By combining ExiPay’s POS technology with Stitch’s online payment infrastructure, the company offers a holistic solution that bridges a critical gap in the payment ecosystem.


ExiPay’s Journey and Integration

Founded in 2022 by Derek Keats and Willem Büchner, ExiPay provided POS terminals to help physical stores accept in-person payments. Before the acquisition, ExiPay was processing about R2 million ($106,000) in daily transactions and had raised €5.4 million ($5.6 million) from Izwe Africa in 2024.

With the acquisition:

  • ExiPay’s six-person team will integrate into Stitch’s operations.
  • The service will evolve into “Stitch In-person Payments,” with a focus on scaling adoption among large retail clients.

Stitch’s Broader Strategy and Future Plans

The acquisition of ExiPay aligns with Stitch’s long-term strategy of becoming Africa’s go-to payments infrastructure provider. Since its founding in 2019, Stitch has raised $52 million in funding and expanded into markets like Nigeria, with plans to enter Kenya, Ghana, and Egypt in the near future.

Stitch’s ability to combine online payments, in-person transactions, and value-added services like fraud prevention and reconciliation tools makes it a formidable competitor in the African fintech space.


What’s Next for the Payment Landscape?

This acquisition underscores the growing demand for unified payment systems across Africa and highlights the importance of enterprise-focused innovation in the payments sector. By acquiring ExiPay, Stitch is positioned to dominate a market that has been historically underserved by local fintech players.

As Stitch continues to expand, its omnichannel payment solution could set a new standard for how African businesses—both online and offline—manage transactions, enhance customer experiences, and scale efficiently.

Conclusion

The Stitch-ExiPay deal is more than just an acquisition; it’s a pivotal step toward building a seamless, omnichannel payment ecosystem in Africa. With this move, Stitch is redefining enterprise payments and addressing a significant market gap, making it a company to watch in the rapidly evolving African fintech landscape.

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