South African fintech company Stitch has acquired Exipay, a payment solution provider, as part of its strategy to broaden its financial services offering across Africa.
This move marks Stitch’s entry into the in-person payments market, enabling it to serve large enterprises with more versatile payment solutions.
As part of the acquisition, Exipay’s platform has been integrated and rebranded as “Stitch In-Person Payments.”
While the financial terms of the deal were not disclosed, the solution is designed to help corporations manage in-person transactions seamlessly while leveraging Stitch’s suite of digital financial tools.
Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, Stitch has built its reputation on open banking and digital payment innovation.
Its technology enables businesses to securely access financial accounts, simplifying transactions and powering digital commerce. With the addition of in-person payments, Stitch aims to fill a critical gap in Africa’s evolving financial ecosystem.
The rebranded platform is expected to attract corporations in sectors like retail and hospitality, where efficient in-person transactions are vital.
Stitch’s expanded offering addresses persistent challenges such as transaction inefficiencies and limited interoperability, ensuring reliable and streamlined payment solutions.
Stitch’s client base includes prominent players like MTN, MultiChoice, Yoco, and Standard Bank’s SnapScan in South Africa. By cutting out intermediaries and creating direct connections with banks and payment networks, the company prioritizes faster issue resolution and higher reliability for its clients.
This move comes at a time of rapid consolidation within Africa’s fintech sector. As competitors like Paystack and Flutterwave diversify their offerings, Stitch’s strategic acquisition positions it as a serious contender in the race to dominate Africa’s payments ecosystem.
Beyond serving large corporations, Stitch’s entry into in-person payments could also advance financial inclusion by promoting the adoption of digital payment systems across underserved markets.
In October 2023, Stitch raised $25 million in Series A funding, bringing its total funding to $46 million. The round was led by Ribbit Capital, with support from CRE Ventures, PayPal Ventures, and others.
Since entering the Nigerian market in 2021 with a $2 million seed extension, Stitch has consistently expanded its footprint, attracting investments from the likes of Future Africa and the Norrsken Foundation.
With its latest acquisition and growing portfolio of tailored solutions, Stitch is doubling down on its commitment to reshape Africa’s financial landscape. By addressing key pain points and delivering scalable innovations, the company is poised to play a leading role in the continent’s fintech evolution.
