South Africa’s Stitch Acquires Exipay, Rebranding It into ‘Stitch In-Person Payments’

Stitch, a South African fintech company, has announced its acquisition of Exipay, a payment solution provider, as part of its strategic expansion into in-person payments. The deal, whose financial details remain undisclosed, enables Stitch to provide a more comprehensive suite of financial services to major corporations across Africa.

Following the acquisition, Stitch has integrated and rebranded Exipay’s platform as ‘Stitch In-Person Payments,’ a solution specifically designed to help large enterprises manage physical transactions more efficiently. The move complements Stitch’s existing digital payment solutions, reinforcing its commitment to streamlining financial processes for businesses.

Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, Stitch is headquartered in Cape Town, South Africa. The company is widely recognized for its role in open banking and digital payments, offering businesses seamless access to user financial accounts and enabling faster transactions.

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By acquiring Exipay, Stitch extends its capabilities beyond online payments, addressing key pain points such as transaction inefficiencies and limited payment interoperability—challenges that have long hindered African businesses. With its enhanced service offering, Stitch is well-positioned to support enterprises in retail, hospitality, and other industries reliant on high volumes of in-person transactions.

Featured in our rising tech companies in 2024, Stitch’s clientele includes major corporations such as MTN, MultiChoice, Yoco, and Standard Bank’s SnapScan in South Africa. The company’s direct integration with banks and payment networks eliminates intermediaries, ensuring greater reliability, improved uptime, and faster problem resolution.

This move places Stitch in direct competition with fintech heavyweights like Paystack and Flutterwave, both of which have been expanding their product offerings in a bid to dominate Africa’s payments ecosystem. The acquisition also reflects a broader trend of consolidation within the fintech sector as companies seek to enhance their service portfolios and expand their market share.

Stitch’s expansion comes on the heels of significant financial backing. In October 2023, the company raised $25 million in Series A funding, bringing its total capital to $46 million following an earlier investment round in 2022. The Series A funding was led by Ribbit Capital, with participation from investors including CRE Ventures, PayPal Ventures, and the Raba Partnership.

Stitch’s footprint extends beyond South Africa, having entered the Nigerian market in 2021 with a $2 million seed extension backed by Future Africa and the Norrsken Foundation. As the company continues to evolve, strategic acquisitions like Exipay reinforce its commitment to reshaping Africa’s financial landscape by addressing critical gaps and enabling seamless transactions across digital and in-person channels.

With this latest move, Stitch is well-positioned to drive financial inclusion and digital payment adoption, solidifying its role as a key player in Africa’s fintech industry.