Latest news with #JunaidDadan
Daily Maverick
a day ago
- Business
- Daily Maverick
Stitch Group acquires Efficacy Payments, secures DCSP designation to offer card acquiring services
Digital payments company Efficacy has been acquired by the Stitch Group, enabling it to become one of the first fintechs to offer direct card clearing services in the market. South Africa-based payments infrastructure company Stitch Group has announced acquisition of Efficacy Payments, its second major strategic acquisition, enabling the firm to offer card acquiring services directly to merchants as a Designated Clearing System Participant (DCSP), and provide more seamless and cost-effective transactions. By bringing Efficacy within the Stitch Group, Stitch Group has become one of the first fintechs in South Africa to offer direct card clearing both online and in-person, underscoring its commitment to serving clients across more of their payments needs. As a designated clearing system participant, Stitch can offer a comprehensive, end-to-end card product with full control over the whole product lifecycle. Stitch is the gateway, switch and the acquirer: Merchants can work with one provider that can perform the end to end acquiring service across technical, compliance, financial and operational requirements Stitch Group is directly connected to Visa and Mastercard: There is no dependency on an intermediary acquiring bank or switch, removing potential failure points from the transactions For enterprise merchants, this results in: Better conversion: due to optimisations in the way messages are passed through card networks Faster access to new products and features: due to a reduction in bank and third party dependencies and delays, Stitch has greater autonomy to provide the latest products and features to its clients Real time reporting and reconciliation: merchants monitor the state of their payments and associated fees through a real-time view of transactions, as well as set up custom reporting at various frequencies, with fewer settlement and reconciliation issues Cost savings: from lower fees by working with one provider, thanks to optimisations in the way messages are sent, and a reduction in the need for internal resources to manage reconciliation across multiple interfaces and multiple parties '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 Group, following its acquisition of ExiPay in January 2025, which allowed the firm to expand from online payments into the in-person payments space. Today Stitch offers a true omnichannel payment platform, allowing multi-lane retailers, telcos and other omni-channel businesses to modernize their in-store and online payment experiences. Stitch emerged from stealth in February 2021 and has raised $107 million in total funding to date, including its recent Series B round of $55 million announced in April 2025. DM For further inquiries, contact [email protected]. About Stitch Stitch is a payments infrastructure company that helps businesses seamlessly connect to the financial system, so they can deliver a better user experience and optimize operations. Headquartered in Cape Town, South Africa, Stitch launched in February 2021 and has global staff. Stitch offers all popular online payment methods as a Payments Service Provider, as well as in-person payments at POS. Its platform supports a variety of pay-in methods and solutions; financial and payment management solutions; and Payouts. Learn more at
Yahoo
6 days ago
- Business
- Yahoo
Stitch Group purchases Efficacy Payments
South African fintech firm Stitch Group has acquired digital payments firm Efficacy Payments for an undisclosed sum. Launched in 2016, Efficacy was designated a clearing system participant in 2021, becoming the second fintech in the country to achieve this status. The acquisition enables Efficacy to provide card acquiring services directly to merchants as a Designated Clearing System Participant (DCSP). This status allows direct provision of card acquiring services to merchants, bypassing the traditional need for intermediary financial institutions. Additionally, Stitch Group can now offer merchants a card product, managing the full lifecycle of card transactions and it includes direct connections to major card networks such as Visa and Mastercard. It provides enterprise merchants with potential improvements in transaction conversion rates due to optimised communication with card networks. Stitch Group, now among the few South African fintechs offering direct card clearing for both online and in-person transactions, gains full control over the end-to-end card product lifecycle. This allows merchants to work with a single provider handling technical, compliance, financial, and operational requirements. Stitch president and co-founder Junaid Dadan said: '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.' This acquisition follows Stitch Group's purchase of ExiPay, which marked the company's entry into the in-person payments arena earlier in the year. "Stitch Group purchases Efficacy Payments " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
6 days ago
- Business
- Zawya
South Africa: Stitch expands fintech footprint with Efficacy Payments acquisition
Stitch has announced that it has acquired Efficacy Payments, enabling it to offer card acquiring services directly to merchants as a designated clearing system participant (DCSP) and provide more seamless and cost-effective transactions. '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. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
