South African paytech Stitch expands offering to include in-person payments with ExiPay acquisition
South African payments infrastructure firm Stitch has snapped up Amsterdam-headquartered payments start-up ExiPay for an undisclosed sum.
Stitch buys ExiPay for an undisclosed sum
Founded in 2022 by Derek Keats and Willem Büchner, ExiPay’s in-person payments offering allows businesses to accept card present transactions and offer alternative digital methods at the point-of-sale (POS).
Stitch enables businesses to manage, orchestrate, reconcile and accept online payments, and the deal will see the company add ExiPay’s in-person payments capabilities to its offering to create a unified commerce solution for retail businesses.
The company says that merchants “can switch to Stitch in-person payments using their existing fleet of terminals or leverage Stitch to certify new devices, including P2PE certification”.
“At the time of acquisition, ExiPay held existing contracts with several enterprise clients and PSPs operating in South Africa and other African markets, including omnichannel retail brand Bash / The Foschini Group (TFG). With this acquisition, Stitch will serve Bash for both their online and in-person payments needs, and will continue serving other existing ExiPay clients,” Stitch adds.
Junaid Dadan, Stitch co-founder and president, says: “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.”
In 2023, Stitch secured a $25 million Series A extension led by Ribbit Capital, building on its $21 million raise in 2022.
