Street Wallet, a fintech startup helping South Africa’s informal traders accept digital payments, has raised $350k (R6.2m) in a funding round that values the business at $2m (R35.5m).

The company provides a simple way for vendors to take cashless payments without needing a bank account, smartphone, or data. The new capital will be used to grow its sales team and expand its services across South Africa.

The Problem

South Africa has more than one million informal traders and street vendors. As the country moves towards a cashless society — a trend accelerated by the pandemic — many of these small-scale entrepreneurs are left behind. Without access to formal bank accounts, they cannot accept digital payments, leading to lost sales and limited income.

How It Works

Street Wallet bypasses the need for traditional banking infrastructure. It provides each vendor with a lanyard-style card containing a unique QR code.

Customers can scan this code to pay using established gateways like Apple Pay, Zapper, SnapScan, or other Scan-To-Pay apps. The vendor immediately receives an SMS confirming the transaction. The day’s earnings are consolidated and converted into a Standard Bank Instant Money Voucher by the next morning, which can be cashed out at an ATM or participating retailers.

This low-tech system is designed to build trust and ensure vendors don’t miss out on sales because a customer isn’t carrying cash.

The Round

The $350k funding round was overseen by Stephen Britto, who joined Street Wallet as CFO in 2024. Britto was previously the CFO at the UK startup Syft, where he played a key role in its £78m sale to the job site Indeed in 2019.

According to founder and CEO Kosta Scholiadis, the investment is a significant step forward.

“This investment is a strong vote of confidence in our vision,” said Scholiadis. “We are building a financial ecosystem that works for everyone — not just those with access to traditional banking. This funding will allow us to scale our sales force, strengthen partnerships on the ground, and make our services available to more communities.”

What’s Next?

With the new funding, Street Wallet plans to accelerate its mission of bringing financial inclusion to underserved communities. The primary focus will be on expanding its network of traders and forging new partnerships with payment processors and mobile network operators to ensure its system remains seamless.

“We believe technology should level the playing field,” added Scholiadis. “With the right tools, anyone — from township shop owners to car guards to street traders — can fully participate in the digital economy.”