Cape Town-based fintech Street Wallet has secured $350,000 in a funding round that values the company at $2 million. The capital will be used to expand the company’s presence across South Africa and boost sales growth. The raise underscores the growing momentum for fintech solutions tailored to the country’s informal economy.
Addressing a Market Gap
Founded in 2021 by Kosta Scholiadis, Street Wallet was created to tackle the challenge of limited digital payment access for South Africa’s informal traders. With over one million street vendors and small-scale service providers operating outside the formal banking system, many face transaction failures as cashless payments become the norm. The COVID-19 pandemic accelerated this shift, amplifying the need for inclusive payment solutions.
Simple, Accessible Technology
Street Wallet allows vendors to accept secure, cashless payments without a smartphone, data, or bank account. Each trader is issued a lanyard-style card containing a unique QR code linked to their Street Wallet page. Customers can scan the code using payment platforms such as Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay, with vendors receiving instant SMS payment confirmations.
Fast and Flexible Payouts
To ensure swift access to funds, daily earnings are automatically converted into Standard Bank Instant Money Vouchers by the following morning. These vouchers can be withdrawn at ATMs or redeemed at partner retailers, making the process both reliable and accessible. This low-tech yet high-trust approach reduces the risk of rejected sales and helps vendors thrive in an increasingly cashless environment.
Growing Network and Partnerships
Since its launch, Street Wallet has steadily built a network of merchants, street vendors, and community service providers. The company has also formed strategic partnerships with payment processors and mobile network operators to ensure smooth transactions. This ecosystem approach enhances vendor reliability and customer confidence in cashless transactions.
Financial Leadership and Strategic Direction
The funding round was led by Stephen Britto, Street Wallet’s chief financial officer, who joined in 2024. Britto previously served as CFO of Syft, where he played a key role in its $103 million sale to Indeed in 2019. His experience is expected to be instrumental in scaling Street Wallet’s operations and strengthening its market position.
Vision for Inclusion
Scholiadis emphasized that the investment is a vote of confidence in the company’s mission to empower informal traders. He highlighted the goal of building a financial ecosystem accessible to all, regardless of access to traditional banking. The funding will support scaling the sales force, deepening partnerships, and expanding service availability nationwide.
Empowering the Informal Sector
Street Wallet’s mission is rooted in the belief that technology should level the playing field. The platform’s model enables anyone, from township shop owners to car guards, to participate fully in the digital economy. By offering the tools needed to secure a consistent income, the company aims to strengthen financial security in underserved communities.
With fresh capital and a clear growth strategy, Street Wallet is positioned to extend its reach across South Africa’s informal economy. It's a simple, reliable cashless payment system that addresses a pressing need for over a million traders lacking formal banking access. As adoption grows, the fintech’s approach could set a new benchmark for financial inclusion in emerging markets.