Introducing Street Wallet: Securing a $350,000 investment to introduce cashless payment solutions for South Africa's informal business sector.
In a move to increase financial inclusion for South Africa's informal traders and service providers, Street Wallet, a South African fintech company, has successfully secured $350,000 in funding, valuing the business at $2 million.
Founded in 2021 by Kosta Scholiadis, Street Wallet offers a mobile payment solution designed specifically for informal traders, such as street vendors, car guards, and township shopkeepers. The company aims to provide these individuals with a more accessible and affordable digital payment solution, addressing the challenges of cost, complexity, and mistrust that often prevent them from accessing traditional banking services.
The funding round, overseen by Stephen Britto, will be used to expand Street Wallet's operations, deepen market penetration, grow sales, and develop additional tools like AI-powered analytics to help merchants track transactions. The fintech envisions expanding beyond Cape Town and Durban to Johannesburg and targeting other sectors like tourism and wage payments to scale its impact on financial inclusion in South Africa.
Each vendor receives a lanyard-style card with a unique QR code linked to their Street Wallet page. Customers can pay via trusted gateways such as Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay by scanning the vendor's QR code. Vendors receive instant SMS payment confirmations, and their daily earnings are converted overnight into Standard Bank Instant Money Vouchers, which can be withdrawn at ATMs or partner retailers the next morning.
This approach enables vendors to accept secure, cashless payments without needing traditional banking infrastructure or expensive hardware, helping prevent lost sales from customers not carrying cash and facilitating their participation in the growing cashless economy.
Kosta Scholiadis, Street Wallet's founder and CEO, stated that the investment is a strong vote of confidence in their vision to empower informal traders and service providers across South Africa. Scholiadis believes that technology should level the playing field and that with the right tools, anyone can fully participate in the digital economy.
With this latest raise, Street Wallet aims to accelerate its mission of bringing financial inclusion to informal traders and underserved communities across South Africa. The company's goal is to make it possible for anyone - from township shop owners to car guards to street traders - to secure the income they deserve.
Stephen Britto, who joined Street Wallet as chief financial officer (CFO) in 2024, played a leading role in the GBP£78M (R1.85bn) sale of Syft to Indeed in 2019. Britto's expertise will be invaluable in guiding Street Wallet as it scales its operations and expands its reach across South Africa.
According to the World Bank, there are over one million informal traders in South Africa who often lack access to formal bank accounts for digital payments. Street Wallet's innovative solution addresses this gap, providing an accessible, low-cost, and secure digital payment solution that replaces cash dependence, simplifies payments through QR codes linked to a bank-backed voucher system, and overcomes barriers related to banking access, smartphone ownership, and unreliable data connectivity.
References:
- Street Wallet. (2025). Street Wallet raises $350,000 to bring digital payments to South Africa's informal sector
- Fintech Zoom. (2025). Street Wallet raises $350,000 to bring digital payments to South Africa's informal sector
- TechCabal. (2025). Street Wallet raises $350,000 to bring digital payments to South Africa's informal sector
- Disrupt Africa. (2025). Street Wallet raises $350,000 to bring digital payments to South Africa's informal sector
- The fintech industry has welcomed Street Wallet, a South African fintech company, after it secured a $350,000 funding round, valuing the business at $2 million.
- In line with the company's mission, the funds will be utilized to develop AI-powered analytics, expand operations, enhance market penetration, and grow sales.
- With Street Wallet's innovative digital payment solution, over one million informal traders in South Africa who were previously excluded from the formal banking sector now have a more accessible and affordable option for managing their finances.
