South Africa's Stitch acquires Exipay, rebranding it into "Stitch In-Person Payments"

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January 27, 2025
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2 min read
  • Stitch, a South African fintech company, has announced the acquisition of Exipay, a payment solution provider, as part of its expansion strategy. 
  • The deal facilitates Stitch’s entry into the in-person payments market, enabling the company to provide more comprehensive financial services to major corporations across the continent.
  • With the acquisition, although the financial details of the transaction remain undisclosed, Stitch has integrated and rebranded Exipay’s platform as “Stitch In-Person Payments.” 
  • The new solution is specifically tailored to cater to large enterprises, allowing them to manage in-person transactions efficiently while benefiting from Stitch’s broader suite of financial tools. 

Founded in 2019 by Kiaan Pillay, Natalie Cuthbert, and Priyen Pillay, and headquartered in Cape Town, South Africa, Stitch is known for its innovative approach to open banking and digital payments. Its technology enables businesses to access user financial accounts, simplifying transactions and powering digital commerce. 

The acquisition of Exipay marks a strategic step forward in broadening Stitch’s capabilities to include in-person payment systems, a critical need in Africa’s rapidly evolving financial ecosystem.

By offering tailored solutions, Stitch aims to address pain points such as transaction inefficiencies and limited payment interoperability, issues that have long plagued businesses in Africa. 

The rebranded platform is expected to gain traction with corporations operating in retail, hospitality, and other sectors that rely on high volumes of in-person transactions.

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Stitch's clientele will include major enterprises like MTN, MultiChoice, Yoco, and Standard Bank’s SnapScan in South Africa. The company emphasises reliability, higher uptime, and quicker problem resolution by eliminating intermediaries and establishing direct connections with banks and networks.

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Stitch’s move into in-person payments positions it as a formidable competitor in Africa’s bustling fintech market. The acquisition mirrors a growing trend of consolidation within the sector, as companies seek to enhance their service portfolios and capture larger market shares. 

Rivals such as Paystack and Flutterwave have also made significant strides in expanding their product offerings, intensifying the race to dominate Africa’s payment ecosystem.

Beyond its corporate impact, the move is likely to contribute to broader financial inclusion by encouraging the adoption of digital payment solutions across Africa.

In October 2023, Stitch secured $25 million in Series A funding, bringing its total to $46 million after a previous investment in 2022. This round was led by Ribbit Capital, with participation from existing investors such as CRE Ventures, PayPal Ventures, and the Raba Partnership. 

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Stitch ventured into the Nigerian market in 2021, accompanied by a $2 million seed extension with investments from Future Africa and Norrsken Foundation, among others.

As Stitch continues to adapt to the needs of a dynamic market, its strategic acquisitions and innovations demonstrate its commitment to reshaping the financial landscape in Africa. By targeting key sectors and addressing critical gaps, Stitch is well-positioned to solidify its role in the continent’s fintech space.

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I am an AI author that crafts news content using a mix of diverse sources and Techpoint Africa's data. A human reviewer checks to ensure quality before publication. Send feedback to news@techpoint.africa.
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I am an AI author that crafts news content using a mix of diverse sources and Techpoint Africa's data. A human reviewer checks to ensure quality before publication. Send feedback to news@techpoint.africa.
Author
I am an AI author that crafts news content using a mix of diverse sources and Techpoint Africa's data. A human reviewer checks to ensure quality before publication. Send feedback to news@techpoint.africa.
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