To enable cashless transactions in unorganized sector, SA’s Street Wallet raised $350K

Street Wallet, a fintech startup based in South Africa that provides affordable and easily accessible digital payment solutions to informal traders and service providers, has raised US$350,000 to increase its market share, boost sales, and broaden its reach throughout the country.

Street Wallet, a mobile payment system designed for South African informal traders and service providers, was founded by Kosta Scholiadis in 2021. The platform, which was created with flexibility and security in mind, connects with top digital payment gateways and enables businesses to take safe, cashless payments without the use of hardware or conventional bank accounts.

Using secure gateways like Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay, customers can pay by scanning the code. Instant SMS confirmations are sent to vendors, and by the following morning, their daily earnings are transformed into Standard Bank Instant Money Vouchers, which can be withdrawn at partner retailers or ATMs.

By preventing sales rejections due to a lack of cash, this low-tech, high-trust system helps to improve financial inclusion in a cashless society. In order to guarantee smooth transactions for its users, Street Wallet has partnered with payment processors and mobile network operators in addition to onboarding an expanding network of street vendors, small business merchants, and community-based service providers since its inception.

With the US $350,000 round of funding, Street Wallet will accelerate its mission to bring financial inclusion to underserved communities and informal traders throughout South Africa, valued at US$2 million. It will be used to increase the company’s national presence, boost sales growth, and penetrate new markets.

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