South African embedded payments platform Stitch is expanding into in-person payments through its acquisition of the Dutch company ExiPay, although financial terms of the deal were not disclosed.
With this acquisition, Stitch will enable merchants to utilize a unified commerce platform that supports both online and in-person transactions. ExiPay’s technology is device-agnostic and compatible with any acquiring bank.
Junaid Dadan, president of Stitch, remarked, “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.”
Based in Amsterdam, ExiPay serves a variety of clients in South Africa, including the omni-channel retail brand Bash. Luke Jedeikin, CEO of Bash, stated, “Partnering with Stitch enhances our ability to deliver on this promise by streamlining operations, improving payment success rates while offering our customers more ways to pay wherever they shop.”
Founded in 2021, Stitch has attracted investment from notable entities such as TrueLayer and PayPal Ventures, successfully raising $46 million in a Series A funding round and its extension.