Street Wallet raises $350K to democratize digital payments for SA's informal sector

The Cape Town-based fintech enables cashless transactions for unbanked vendors via QR technology. Fresh funding will expand access to financial services across townships. Valuation hits $2M as investors bet on inclusive digital growth.

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Street Wallet, a Cape Town-based financial technology startup bridging the digital divide for South Africa’s informal economy, has secured $350,000 in a funding round valuing the company at $2 million. The investment will drive nationwide expansion, enhance sales operations, and deepen partnerships to serve cash-reliant micro-entrepreneurs.

Launched in 2021 by entrepreneur Kosta Scholiadis, Street Wallet tackles a critical gap: over 1 million informal traders lack access to conventional banking infrastructure, leaving them excluded from South Africa’s accelerating shift toward cashless payments. The platform’s innovative solution bypasses smartphones and bank accounts by equipping vendors with wearable QR-coded cards.

Customers scan a vendor’s unique code to pay via major platforms like Apple Pay, SnapScan, or Zapper. Transactions trigger instant SMS notifications, with funds converted overnight into Standard Bank Instant Money Vouchers, redeemable at ATMs or retail partners. This system reduces failed transactions and theft risks while fostering financial inclusion.

The round was led by newly appointed CFO Stephen Britto, formerly of Syft (acquired by Indeed for $78M). “This validates our mission to build equitable financial tools,” said Scholiadis, noting plans to scale field teams and forge mobile operator alliances. Since launch, the startup has onboarded hundreds of street vendors, spaza shops, and service providers.

“Technology must empower marginalized earners,” Scholiadis emphasized. “From car guards to township artisans, we’re unlocking digital economy access, one QR code at a time.”