9 months ago
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Stitch, the South Africa-based payments infrastructure company, has acquired Efficacy Payments, a integer payments startup with nonstop entree to the nationalist clearing system. The acquisition gives Stitch power implicit each furniture of the paper outgo stack, making it 1 of the archetypal fintechs successful South Africa to connection end-to-end card-acquiring services without relying connected banks oregon third-party processors.
The deal, Stitch’s 2nd large strategical acquisition, strengthens the company’s play for dominance successful South Africa’s integer payments assemblage astatine a clip erstwhile the marketplace is booming. According to GlobalData, the South African paper payments marketplace is expected to deed R2.9 trillion ($159 billion) successful 2025.
Founded successful 2016, Efficacy Payments became a Designated Clearing System Participant (DCSP) successful 2021, becoming the 2nd fintech successful South Africa licensed to wide paper payments directly. Stitch volition present presume that role, enabling it to process in-store and online paper payments connected behalf of merchants with less intermediaries.
“Card processing is an indispensable request for businesses successful South Africa, and we person seen a batch of country for betterment erstwhile it comes to conversion, recon capabilities, and entree to the latest technology. We are excited to spot the interaction this volition person connected the mode our merchants cod paper payments from their customers,” said Junaid Dadan, President and Co-founder astatine Stitch.
The determination follows Stitch’s earlier acquisition of ExiPay, which expanded its scope into point-of-sale infrastructure. Together, the deals let Stitch to connection a broad suite of integer and in-person outgo services, including gateway, switching, and present acquiring, nether 1 roof.
With this integration, Stitch clients, which see starring South African enterprises specified arsenic Takealot, Mr. D, MTN, Vodacom, Hollywoodbets, and Standard Bank’s Shyft, tin expect faster settlements, real-time transaction visibility, and less reconciliation headaches.
Founded successful 2021, Stitch has raised $107 cardinal to date, including a $55 cardinal Series B circular in April 2025.
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