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Street Wallet, a South African fintech transforming how informal traders get paid, has secured $350,000 (R6.2 million) in fresh funding at a $2 million (R35.5 million) valuation.
Street Wallet says the investment will help it fuel it’s nationwide expansion and boost its sales force to reach more underserved communities.
“This investment is a strong vote of confidence in our vision,” said Kosta Scholiadis, Founder and CEO of Street Wallet. “We’re building a financial ecosystem that works for everyone, not just those with access to traditional banking. With this capital, we can grow our sales network, forge strategic partnerships, and ensure more traders can take part in South Africa’s digital future.”
South Africa is home to over one million informal traders and street vendors, many of whom remain excluded from the digital economy. With cash usage declining and mobile payments on the rise, these entrepreneurs risk losing sales due to the lack of access to bank accounts, smartphones, or reliable internet.
Street Wallet solves this by offering a bank-free, data-free payment solution. Each trader receives a lanyard card with a unique QR code, enabling customers to pay via Apple Pay, Zapper, SnapScan, or other scan-to-pay apps. Vendors get instant SMS confirmations, and daily earnings are converted into Standard Bank Instant Money Vouchers—redeemable at ATMs or participating retailers by the next morning.
The funding round was led by Stephen Britto, who joined as CFO in 2024. Britto previously served as CFO of UK startup Syft, where he played a pivotal role in its £78 million acquisition by Indeed in 2019.
Street Wallet’s next phase will focus on expanding its trader network, partnering with payment providers and mobile operators, and ensuring smooth, secure transactions for vendors across the country.
“We believe technology should level the playing field,” Scholiadis added. “From township shop owners to street hawkers and car guards—everyone should have the tools to thrive in the digital economy.”