Stitch Acquires ExiPay to Add in-Person Payments to Enterprise Offering
South African FinTech Stitch expanded its enterprise payments offering by acquiring in-person payments provider ExiPay.
With this addition, Stitch’s platform encompasses online and in-person payments, the company said in a Monday (Jan. 27) blog post.
“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,” Stitch co-founder and President Junaid Dadan said in the release.
Stitch’s solution can now serve retail merchants operating primarily in-store; retail merchants with an online and in-store presence; omnichannel merchants looking to unify their offering across channels; and merchants in the financial services or gaming spaces looking to accept payments or wallet top-ups in person and online, according to the release.
At the time of the acquisition, ExiPay held contracts with several enterprise clients and payment service providers (PSPs) operating in South Africa and other African markets, the release said.
One of these clients, omnichannel retail brand Bash/The Foschini Group (TFG), said in the release that the partnership with Stitch will elevate TFG’s omnichannel strategy and improve its ability to provide payment experiences that are seamless and reliable.
“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,” Bash co-founder and CEO Luke Jedeikin said in the release. “We’re excited about the potential this partnership brings to elevate TFG’s omnichannel strategy.”
Stitch raised $25 million in a Series A extension in October 2023, saying it would use the funding to build out its payment solutions and expand its reach into new markets.
The company’s roadmap for 2025 includes improving its bank-to-bank payment solutions and expanding into new areas of payment, it said in a Jan. 16 blog post.
Stitch expects to see a continuing rise of the omnichannel consumer in South Africa this year, according to the post.
“The omni customer is 5.5x more valuable than the customer who shops both channels [separately],” Jedeiken said in the post. “That’s a consequence of two things: a bigger basket size, and the annual order frequency.”
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