Stitch, a South African fintech startup specializing in online payment infrastructure for enterprises, has acquired ExiPay, a startup that provides in-person payment solutions for retail businesses. While the financial details of the deal remain undisclosed, the acquisition will enable Stitch to unify online and in-person payments under a single platform, simplifying payment tracking across multiple channels for businesses.
This move expands Stitch’s product portfolio, addressing the growing need for seamless, omnichannel payment solutions in South Africa’s retail sector, where online and in-person payment systems remain largely disconnected. As part of the acquisition, ExiPay’s six-person team has been integrated into Stitch’s operations, and its services have been rebranded as “Stitch In-Person Payments.” This solution will now be offered to Stitch’s enterprise clients, including Bash, MTN, Cell C, and MultiChoice.
According to Kiaan Pillay, CEO of Stitch, the in-person payments space has remained largely untapped for large enterprises. “Many providers cater to small businesses, but no one is tackling this for enterprises. That was a key reason behind this acquisition,” Pillay stated.
Unlike forming partnerships with established in-person payment providers, Stitch opted to acquire ExiPay to retain full control over its technology stack. Pillay noted that developing a similar solution internally would have taken 18 to 24 months, potentially delaying the company’s strategy of delivering a comprehensive payment platform.
Founded in 2022 by Derek Keats and Willem Büchner, ExiPay provides point-of-sale (POS) terminals that enable physical stores to process in-person payments. By 2023, ExiPay was handling R2 million ($106,000) in daily transactions. In 2024, the company secured €5.4 million ($5.6 million) in equity funding from Izwe Africa, a fintech group that offers credit to small businesses in Ghana, Kenya, and Zambia.
Commenting on the acquisition, Pillay emphasized the strategic benefits for both companies and their investors. “This deal is beneficial for both ExiPay and Stitch investors—we are now operating under one roof,” he said.
Since its launch in 2019, Stitch has raised $52 million in funding and expanded its presence into Nigeria. The company has also previously expressed plans to enter new markets, including Kenya, Ghana, and Egypt. By incorporating ExiPay’s technology and expertise, Stitch is positioning itself as a leader in enterprise payment solutions, offering businesses a unified, scalable, and efficient payments platform tailored for both online and in-store transactions.
