Stitch Acquires ExiPay to Unify Online and In-Person Payments for Enterprises
Stitch provides an API platform that enables businesses to build secure, user-friendly financial products.
South African fintech Stitch is making a bold move to bridge the gap between online and in-person payments. The company has acquired ExiPay, a startup specializing in in-person payment solutions for retail businesses, in a strategic play to offer a unified, omnichannel payment platform for enterprises.
The acquisition, for an undisclosed amount, enables Stitch to integrate ExiPay’s technology into its existing online payments infrastructure, allowing businesses to manage transactions seamlessly across digital and physical channels.
Why Stitch is Entering In-Person Payments
The demand for integrated payment solutions in South Africa is growing, but the market remains fragmented—especially for large enterprises. While many startups cater to small businesses, Stitch CEO Kiaan Pillay sees a major gap in solutions tailored for bigger companies.
“The in-person payments space has not been disrupted for enterprises. Many players are doing this for smaller businesses, but no one is tackling this for enterprises,” said Pillay.
Rather than partnering with existing in-person payment providers, Stitch opted for full ownership of its technology stack. According to Pillay, developing an in-house solution would have taken 18 to 24 months, delaying the company’s expansion strategy. By acquiring ExiPay, Stitch can accelerate its vision of offering a seamless, enterprise-grade payment experience across multiple channels.
What This Means for Stitch and ExiPay
With the acquisition, ExiPay’s six-person team has been fully integrated into Stitch, and its technology has been rebranded as “Stitch In-Person Payments.” The company plans to sell this service to existing enterprise clients, which include Bash, MTN, Cell C, and MultiChoice.
ExiPay, founded in 2022 by Derek Keats and Willem Büchner, was already seeing strong traction. The company processed R2 million ($106,000) in daily transactions in 2023 and secured €5.4 million ($5.6 million) in private funding from fintech group Izwe Africa, which provides credit to small businesses in Ghana, Kenya, and Zambia.
Pillay called the acquisition a win-win for both companies: “This deal is attractive for both ExiPay and Stitch investors. We are sitting under one roof.”
What’s Next for Stitch?
Founded in 2019, Stitch has raised $52 million in funding and expanded into Nigeria. The company has previously hinted at future expansion into Kenya, Ghana, and Egypt, and this acquisition strengthens its foothold in the African payments ecosystem.
By offering an integrated omnichannel payment solution, Stitch is positioning itself as a leader in enterprise payments, catering to businesses that require both digital and physical transaction capabilities.
With this move, Stitch isn’t just growing—it’s reshaping South Africa’s payments landscape.
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