South African payments infrastructure company Stitch has acquired in-person payments provider ExiPay, expanding its enterprise payments offering to encompass both online and in-person payments through a single, unified platform.
Founded in February 2021, Stitch is a payments infrastructure company that helps businesses scale faster, and operate more efficiently. The Stitch payments API and tools reduce the effort required for businesses across sectors to connect to the financial system and deliver delightful experiences for their users.
With its October 2023 US$25 million Series A extension round, the startup has raised a total of US$52 million in funding, and expanded to become an end-to-end payments service provider.
It has now acquired ExiPay, in a move that will allow it to support multi-lane retail and omnichannel commerce businesses with a truly unified and reliable platform.
“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.
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. With this acquisition, Stitch will serve Bash for both their online and in-person payments needs, and will continue serving other existing ExiPay clients.
“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.
