Stitch, a South African embedded payments platform, has expanded its capabilities to include in-person payments by acquiring the Dutch-based company ExiPay. Although the financial details of the deal were not disclosed, this move positions Stitch to provide a unified commerce platform, enabling merchants to accept payments both online and in physical settings. The ExiPay technology, designed to be device-agnostic, works seamlessly with any acquiring bank, broadening the versatility of Stitch’s payment solutions.
Junaid Dadan, president of Stitch, highlighted the synergy between the two companies, noting that the acquisition enables Stitch to serve clients holistically by supporting every payment interaction they have with customers. This unified approach caters to the evolving needs of merchants looking for seamless payment solutions across multiple channels.
ExiPay, headquartered in Amsterdam, already serves prominent clients in South Africa, including the omni-channel retail brand Bash. Bash’s CEO, Luke Jedeikin, emphasized the benefits of the partnership, stating that combining ExiPay and Stitch’s platforms streamlines operations, improves payment success rates, and offers customers more payment options wherever they shop.
Since its launch in 2021, Stitch has secured significant financial support from major investors such as TrueLayer and PayPal Ventures, raising $46 million in its Series A funding and extension. This latest acquisition underscores Stitch’s commitment to innovation and growth in the rapidly evolving payments landscape.