Stitch Buys Exipay To Add New Payment Services
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Stitch, a company from South Africa, said it bought Exipay, a business that helps with payments. This move will help Stitch grow and offer more ways for businesses to handle their payments. Stitch has also changed Exipay’s name to “Stitch In-Person Payments.”
The new tool is designed for large businesses that need to manage payments in person. It also connects to Stitch’s other tools, giving businesses more options to handle money easily. Stitch is based in Cape Town, South Africa, and helps companies with banking and payments using smart technology.
Stitch In-Person Payments Aim To Solve Issues Faced By Businesses
Buying Exipay will help Stitch find better ways to fix payment problems in Africa. The company said many businesses in Africa deal with slow payments and have few options, but it hopes the new tool will help. Stitch plans to use the tool to help businesses in places like stores, hotels, and other locations where people pay in person.
Stitch works with well-known companies in South Africa, such as MTN, MultiChoice, Yoco, and Standard Bank’s SnapScan. The company said its system is easy to use and solves problems quickly because it connects directly to banks. This helps businesses trust the system to work well.
The firm’s move into in-person payments brings competition with companies like Paystack and Flutterwave. The company said these businesses are also helping improve payment services. Competition is growing as more businesses search for better ways to handle money.
The company wants more people in Africa to use digital payments. It said many people in the region do not use them now, but it hopes to change that by simplifying payments.
Two years ago, in October, Stitch received $25 million to expand its work. The company said the money came from Ribbit Capital and groups like PayPal Ventures and CRE Ventures. With this, Stitch has now raised a total of $46 million. The firm also entered Nigeria and raised $2 million to support its plans there.
Stitch Aims To Boost Payments In Africa
Stitch is working hard to improve payments in Africa. The company wants to fix problems that slow down payments for businesses. Its new tool, Stitch In-Person Payments, is one way it plans to solve these problems.
The company leaders said this step will help more businesses trust digital payments. The firm noted that it is giving tools that fit what African businesses need. Stitch hopes these tools will help businesses grow and work better with their customers.
Stitch sait it wants to bring in more tools and work with businesses to find easier ways to handle payments. The company also said it will help businesses and people save time when paying for items.
