South Africa: Stitch expands fintech footprint with Efficacy Payments acquisition
'We're excited to welcome the Efficacy team into the Stitch Group and offer this critical solution to the merchants we work with.
'Card processing is an essential requirement for businesses in South Africa, and we've seen a lot of room for improvement when it comes to conversion, recon capabilities and access to the latest technology.
'We're excited to see the impact this will have on the way our merchants collect card payments from their customers,' said Junaid Dadan, president and co-founder at Stitch.
Efficacy was launched in 2016, and it was designated as a clearing system participant in 2021, as the second fintech in South Africa to achieve this.
This is the second major acquisition for Stitch, following its acquisition of ExiPay in January 2025, which allowed the firm to expand from online payments into the in-person payments space.
Stitch emerged from stealth in February 2021 and has raised $107m in total funding to date, including its recent Series B round of $55m announced in April 2025.
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