South African fintech leader Stitch, known for its innovative digital payment offerings, has acquired ExiPay, a startup specializing in in-person payment solutions for retail businesses. While the financial terms of the deal remain private, the acquisition allows Stitch to integrate online and offline payment systems, creating a comprehensive platform for businesses to manage transactions seamlessly across various channels.
Now rebranded as “Stitch In-person Payments,” the ExiPay platform offers enterprises a sophisticated solution for point-of-sale (POS) transactions. The system integrates effortlessly with existing payment devices and acquiring banks, ensuring a smooth transition for businesses adopting the technology.
Built for large-scale enterprises, the Stitch In-person Payments platform includes advanced features such as API integration, support for terminal certifications like Point-to-Point Encryption (P2PE), and centralized management of payment terminals across multiple locations.
The platform supports both traditional card payments and alternative methods, enabling businesses to provide a unified commerce experience by integrating in-store and online payment options. Companies can leverage Stitch’s API for customized solutions or utilize the Terminal Management Dashboard, which provides detailed analytics on device and store performance to optimize transaction processes.
Security remains a top priority for Stitch, with the platform certified under ISO 27001 and PCI DSS Level 1 standards. Direct connections with various banks and networks ensure high reliability, faster issue resolution, and automatic rerouting of payments to maximize success rates.
ExiPay’s Journey to Joining Stitch
Founded in 2022 by Derek Keats and Willem Büchner, ExiPay gained traction with 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, the company’s six-person team has joined Stitch following the acquisition.
Explaining the strategic move, Stitch CEO Kiaan Pillay noted, “The enterprise in-person payment space remains underserved. While many players focus on small businesses, there’s a significant gap in solutions tailored for large-scale enterprises. That’s why this acquisition made perfect sense for us.”
Rather than partnering with larger providers, Stitch chose to acquire ExiPay to retain full control over the technology stack. According to Pillay, building a similar solution from scratch would have delayed their timeline by up to two years.
Transforming Africa’s Payment Ecosystem
Stitch already supports major enterprises like MTN, MultiChoice, Cell C, and Bash. With the ExiPay acquisition, Stitch aims to elevate the payment experience for Africa’s largest businesses by introducing greater efficiency and convenience.
Since its inception in 2019, Stitch has raised $52 million in funding and operates in South Africa and Nigeria, with plans to expand to Kenya, Ghana, and Egypt. By combining cutting-edge payment features like automatic rerouting, advanced analytics, and 24/7 support, Stitch is well-positioned to lead the transformation of enterprise payments on the continent.
“This acquisition benefits both ExiPay and Stitch stakeholders,” said Pillay. “By joining forces under one roof, we’re accelerating our mission to simplify payments and empower enterprise growth in Africa.”
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