South African payments infrastructure company Stitch has acquired ExiPay, a move that marks a significant expansion into in-person payment solutions. The acquisition, for an undisclosed amount, enables Stitch to offer businesses a unified platform for both online and physical retail transactions.
The deal comes at a crucial time in South Africa’s retail landscape, where only 6% of retail transactions occurred online in 2024, with projections showing an increase to 10% by 2025. This acquisition addresses growing consumer demands for seamless shopping experiences across both physical and digital channels.
ExiPay, founded in 2022 by Derek Keats and Willem Büchner, brings valuable technology that allows physical stores to accept in-person payments through point-of-sale terminals. The company had been processing approximately R2 million ($106,000) in daily transactions by 2023 and secured €5.4 million in funding from Izwe Africa in 2024.
Stitch Co-founder and President, Junaid Dadan, emphasized the strategic importance of the merger:
“ExiPay has built a strong solution that, combined with our existing online payments platform, will allow us to serve our clients from a much more holistic perspective, supporting them across every payments touchpoint they have with their customers.”
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The acquisition has already shown practical benefits, with major retail brand Bash among the first to utilize the combined platform for both online and in-store payments. Bash CEO Luke Jedeikin praised the partnership, highlighting its potential to streamline operations and improve payment success rates.
Founded in 2019, Stitch has incorporated ExiPay’s six-person team into its operations, rebranding the service as “Stitch In-person payments.” The company, which has raised $52 million in funding to date, plans to continue its expansion across Africa, with potential moves into Kenya, Ghana, and Egypt on the horizon.
