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South African fintech leader Stitch, widely recognized for its innovative digital payment solutions, has announced the acquisition of ExiPay, a startup specializing in in-person payment systems for retail businesses. Although the financial terms of the deal remain undisclosed, the acquisition positions Stitch to unify online and offline payment channels, providing businesses with a seamless transaction platform.
Rebranded as Stitch In-Person Payments, the ExiPay platform now empowers enterprises with advanced tools for managing point-of-sale (POS) transactions. Its system integrates effortlessly with existing devices and acquiring banks, facilitating easy adoption for businesses.
The enhanced platform is tailored for enterprise-scale operations, offering features such as API integration for existing systems, compliance with terminal certifications like Point-to-Point Encryption (P2PE), and centralized management of payment terminals across multiple locations.
By accommodating both traditional card payments and alternative methods, Stitch enables businesses to deliver a unified commerce experience, merging in-store and online transactions. Companies can customize solutions through Stitch’s API or leverage the Terminal Management Dashboard, which provides in-depth insights into store and device performance, helping to optimize payment processes.
Security remains a top priority for Stitch, with the platform adhering to ISO 27001 and PCI DSS Level 1 standards to safeguard data. Direct integrations with multiple banks and networks enhance transaction reliability, ensuring quicker issue resolution and automatic payment rerouting to minimize disruptions.
ExiPay’s Strategic Role in Stitch’s Vision
Founded in 2022 by Derek Keats and Willem Büchner, ExiPay rapidly gained traction with POS terminals processing R2 million ($106,000) in daily transactions by 2023. The startup, supported by €5.4 million ($5.6 million) in funding from Izwe Africa, has now integrated its six-person team into Stitch’s operations.
Commenting on the acquisition, Stitch CEO Kiaan Pillay said, “The in-person payments space has not been disrupted for enterprises. While many focus on small businesses, there’s a significant gap in enterprise solutions. That’s a big reason we made this move.”
Instead of partnering with larger providers, Stitch chose acquisition to retain full control over its technology stack, avoiding delays of up to two years that building a similar solution internally would have incurred.
Strengthening Africa’s Enterprise Payment Ecosystem
Stitch’s current client base includes prominent names like MTN, MultiChoice, Cell C, and Bash. The integration of ExiPay’s technology further strengthens Stitch’s ability to revolutionize Africa’s payment ecosystem, prioritizing convenience and efficiency for large-scale enterprises.
Since its founding in 2019, Stitch has raised $52 million in funding and operates in South Africa and Nigeria, with planned expansions into Kenya, Ghana, and Egypt. With capabilities like automatic payment rerouting, advanced analytics, and round-the-clock support, Stitch is solidifying its position as a key driver in reshaping enterprise payments across the continent.
“This acquisition benefits both ExiPay and Stitch investors. Operating under one roof accelerates our shared mission to simplify payments and drive enterprise growth in Africa,” Pillay concluded.
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