South African embedded payments platform Stitch is moving into in-person payments through the acquisition of Dutch outfit ExiPay. Financial terms were not disclosed.
The deal sees Stitch able to offer merchants a unified commerce platform for online and in-person payments. The ExiPay technology is device agnostic and works with any acquiring bank.
Junaid Dadan, president, Stitch, says: “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.”
Amsterdam-based ExiPay serves several clients in South Africa, including omni-channel retail brand Bash.
Luke Jedeikin, CEO, Bash, says: "Partnering with Stitch enhances our ability to deliver on this promise by streamlining operations, improving payment success rates whilst offering our customers more ways to pay wherever they shop."
Launched in 2021, Stitch has secured financial backing from the likes of TrueLayer and PayPal Ventures, raising $46 million in a Series A and its extension.