Street Wallet Secures $350K to Bring Cashless Payments to South Africa’s Informal Economy

Street Wallet, a South African fintech empowering informal traders and service providers with accessible, low-cost digital payment solutions, has successfully raised US$350,000 (R6.2 million) in a funding round that values the business at US$2 million (R35.5 million). The fresh capital will be leveraged to deepen market penetration, fuel higher sales growth, and expand the company’s footprint across South Africa.

Founded by Kosta Scholiadis in 2021, Street Wallet is a fintech solution designed to address a simple yet profound problem: South Africa’s informal traders and street vendors, of which there are more than one million, often do not have access to formal bank accounts with which they can receive digital payments.

This means there is a high risk of failed transactions, especially with the trend towards cashless payments accelerating during and after the Covid-19 pandemic, limiting their incomes and financial security.

Street Wallet is solving this problem by enabling informal traders to accept secure, cashless payments without needing a smartphone, data, or bank account. Each vendor receives a simple lanyard-style card with a unique QR code linked to their Street Wallet page. Customers can scan the code to pay via trusted gateways such as Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay. Vendors receive instant SMS confirmations, and their daily earnings are converted into Standard Bank Instant Money Vouchers by the next morning — withdrawable at ATMs or partner retailers.

This lowtech, hightrust system means vendors avoid rejected sales due to lack of cash, helping to enhance financial inclusion in a cashless society. Since its launch, Street Wallet has onboarded a growing network of small business merchants, street vendors, and community- based service providers, while also forging partnerships with payment processors and mobile network operators to ensure seamless transactions for its customers.

The funding round was overseen by Stephen Britto, who joined Street Wallet as chief financial officer (CFO) in 2024. Britto previously served as CFO at Syft, playing a leading role in its GBP£78M (R1.85bn) sale to Indeed in 2019, before joining Street Wallet to help accelerate growth and boost informal traders’ access to financial services.

With this latest raise, Street Wallet is poised to accelerate its mission of bringing financial inclusion to informal traders and underserved communities across South Africa.

“This investment is a strong vote of confidence in our vision to empower informal traders and service providers across South Africa,” says Kosta Scholiadis, Street Wallet’s founder and CEO.

“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.”

“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 and secure the income they deserve. This funding will help us make that vision a reality.”