In-person payments provider ExiPay acquired by SA fintech startup Stitch

With the acquisition of in-person payments provider ExiPay, South African payments infrastructure company Stitch has broadened its enterprise payments offering to include online and in-person payments via a single, integrated platform.

Stitch is a payments infrastructure company that was founded in February 2021 and assists companies in increasing their operational efficiency and scaling. Businesses from a variety of industries can connect to the financial system with less effort and provide their users with enjoyable experiences thanks to the Stitch payments API and tools.

After raising a total of US $52 million in funding through its October 2023 US $25 million Series A extension round, the startup grew to become a provider of end-to-end payments services.

In order to provide multi-lane retail and omnichannel commerce enterprises with a genuinely unified and dependable platform, it has now acquired ExiPay.

“We’re excited to bring the ExiPay solution into the Stitch payments suite, enabling enterprise merchants to offer a seamless and reliable payments experience no matter where their customers choose to shop, and manage all their transactions in one place. ExiPay has built a strong solution that, combined with our existing online payments platform, will allow us to serve our clients from a much more holistic perspective, supporting them across every payments touchpoint they have with their customers,” said Stitch co-founder and president Junaid Dadan.

ExiPay already had agreements with a number of PSPs and enterprise clients that were active in South Africa and other African markets at the time of the acquisition, including the omnichannel retail brand Bash. Stitch will continue to serve other current ExiPay customers while also providing Bash with online and in-person payment services as a result of this acquisition.

“At Bash, we’re committed to providing our customers with seamless and reliable payment experiences, both online and in-store. Partnering with Stitch enhances our ability to deliver on this promise by streamlining operations, improving payment success rates whilst offering our customers more ways to pay wherever they shop. We’re excited about the potential this partnership brings to elevate TFG’s omnichannel strategy,” said Luke Jedeikin, co-founder and CEO at Bash.