SA’s Street Wallet Raises USD 350 K To Bring Cashless Payments To Informal Traders

Street Wallet, a Cape Town–based fintech helping informal traders go cashless, has raised USD 350 K (ZAR 6.2 M) in a funding round that values the company at USD 2 million (ZAR 35.5 M).

Founded in 2021 by Kosta Scholiadis, Street Wallet tackles a major gap: over 1 million street vendors and small traders in South Africa lack formal bank accounts, making it hard to accept digital payments. With more customers moving away from cash, this often means lost sales and financial insecurity.

The startup’s solution enables each trader to get a lanyard card with a unique QR code linked to their Street Wallet page. Customers can pay via Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay, and traders receive instant SMS payment confirmations. By the next morning, earnings are converted into Standard Bank Instant Money Vouchers, withdrawable at ATMs or retailers.

With the new funding, Street Wallet plans to expand its sales force, grow partnerships, and reach more communities.

“We believe technology should level the playing field,” says Scholiadis. “With the right tools, anyone can fully participate in the digital economy.”