South African fintech company Stitch is taking a bold step to redefine enterprise payment solutions with its acquisition of ExiPay, a startup specializing in in-person payment systems for retail businesses. The deal, for an undisclosed amount, marks a strategic move to offer an integrated payment platform that bridges the gap between online and physical payment channels.
Omnichannel Payment Solutions for Enterprises
By combining ExiPay’s in-person payment technology with its existing online infrastructure, Stitch is positioning itself as a one-stop solution for enterprises. This new offering, branded as “Stitch In-person Payments,” aims to meet the growing demand for seamless, omnichannel payment systems in South Africa’s retail market, where businesses often struggle to unify payment tracking across multiple channels.
“The in-person payments space has not been disrupted for enterprises,” said Stitch CEO Kiaan Pillay. “Many players are doing this for smaller businesses, but no one is tackling this for enterprises. It was the big reason we wanted to do this.”
Why ExiPay?
Founded in 2022 by Derek Keats and Willem Büchner, ExiPay specializes in point-of-sale (POS) terminals for physical stores. In 2023, the startup processed R2 million ($106,000) in daily transactions and secured €5.4 million ($5.6 million) in funding from Izwe Africa, a fintech group supporting small businesses in Ghana, Kenya, and Zambia.
For Stitch, acquiring ExiPay was a strategic decision to accelerate its roadmap. Building a similar solution in-house would have taken 18–24 months, delaying its ability to offer a unified platform. The acquisition also ensures full control over its technology stack, which is crucial for scaling its enterprise solutions.
Expanding Stitch’s Reach
Stitch’s move to integrate ExiPay’s six-person team into its operations is a clear signal of its intent to dominate both online and offline payment markets. The company will market its new in-person payment service to existing enterprise clients, including major corporations like MTN, Bash, Cell C, and MultiChoice.
This acquisition also aligns with Stitch’s broader expansion strategy. Since its founding in 2019, Stitch has raised $52 million in funding and expanded into Nigeria, with plans to enter Kenya, Ghana, and Egypt.
Impact on Africa’s Payment Landscape
Stitch’s entry into in-person payments is a game-changer for enterprises across Africa. While smaller businesses have benefited from various fintech solutions, enterprise-level payment systems remain fragmented. Stitch’s unified platform promises to streamline operations for large retailers, making payment tracking more efficient and reducing operational complexity.
Moreover, the acquisition reflects the increasing importance of omnichannel payment systems in Africa’s evolving retail market. As consumer behavior shifts toward a blend of online and offline shopping, businesses need integrated solutions to stay competitive.
What’s Next for Stitch?
With ExiPay’s technology and expertise under its belt, Stitch is well-positioned to disrupt Africa’s enterprise payment sector. Its expansion into in-person payments is not just a business decision—it’s a move to shape the future of retail payments on the continent.
As CEO Kiaan Pillay aptly put it, “This deal is attractive for both ExiPay and Stitch investors. We are sitting under one roof.” And under this roof, the future of African enterprise payments is being built.
