Following this announcement, the acquisition was made for an undisclosed amount and it is expected to allow Stitch to integrate online and in-person payments into one platform. This process will also make it easier for businesses to track transactions across different channels.
In addition, the companies aim to continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
ExiPay was founded in 2022 and allows physical stores to accept secure and efficient in-person payments through the use of point-of-sale (POS) terminals.
Through this initiative, the move is set to expand Stitch’s product offerings while also allowing it to provide an omnichannel payment tool that combines online and in-person payment capabilities for its enterprise clients. At the same time, the acquisition is a direct response to the overall growing demand for integrated payment solutions in South Africa’s retail market, where the gap between online and in-person payment systems remains significant.
Stitch has integrated ExiPay’s six-person team into its operations, and it will sell this new service to existing clients, including corporations like Bash, MTN, Cell C, and MultiChoice. Its decision to acquire ExiPay rather than partner with larger in-person transaction providers reflects the firm’s commitment to retaining control over its technology stack and accelerating its development process.
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