Expanding QR payment options for informal traders in South Africa secures a fund of $350,000 for Street Wallet.
Street Wallet Raises Funding to Empower South Africa's Informal Traders
Street Wallet, a South African fintech startup, has secured $350,000 (R6.2 million) in funding, aiming to bridge the gap between the informal and formal financial sectors in the country. Founded by Kosta Scholiadis in 2021, Street Wallet is focused on enabling informal traders and service providers to accept digital payments without the need for smartphones, data, or bank accounts [1][2][3].
The funding round values Street Wallet at $2 million (R35.5 million) [1][2][3][4]. The funds will be used to deepen market penetration, accelerate sales growth, and expand operations nationwide, targeting sectors such as street vendors, car guards, and township shopkeepers [1][2][3][4].
Street Wallet's unique solution involves issuing lanyard-style QR code cards linked to payment profiles for vendors. Customers can pay or give a tip using their smartphones by scanning the QR code and using popular digital payment platforms such as Apple Pay, Samsung Pay, SnapScan, Zapper, or Scan-To-Pay [2][3][4]. Vendors receive instant SMS payment confirmations, and their day's takings are converted overnight into Standard Bank Instant Money Vouchers for withdrawal at ATMs or partner retailers the next day [2][3][4].
Kosta Scholiadis, the founder of Street Wallet, stated that the funding is a strong vote of confidence in their vision to empower informal traders. He further added that they are building a financial ecosystem for those left out of the digital economy [1][2][3].
As part of its growth strategy, Street Wallet plans to expand geographically from initial hubs like Cape Town and Durban to Johannesburg by the end of 2025 and develop AI-powered analytics tools to help merchants track transactions [4]. The company also aims to compete with players like SnapScan, Zapper, PayShap, Yoco, and mobile money platforms in the South African payments space [1][2][3].
The funding comes at a crucial time, as an estimated 3.9 million people in South Africa remain unbanked or underbanked, often avoiding formal banking due to cost and mistrust [2]. Street Wallet's niche lies in providing secure, cost-efficient, and fast access to digital transactions without expensive hardware, making it well suited to the informal economy's constraints [4].
In summary, Street Wallet is actively scaling its operations and technology with recently secured funding to become a critical digital payment enabler for South Africa’s informal economy, focusing on accessibility, liquidity, and seamless integration with popular digital payment platforms [1][2][3][4].
References: [1] TechCentral. (2025, August 10). Street Wallet raises $350,000 to empower informal traders. TechCentral. https://www.techcentral.co.za/street-wallet-raises-350-000-to-empower-informal-traders/437204
[2] MyBroadband. (2025, August 10). Street Wallet raises R6.2m to help informal traders accept digital payments. MyBroadband. https://mybroadband.co.za/news/business/437629-street-wallet-raises-r6-2m-to-help-informal-traders-accept-digital-payments.html
[3] Fin24. (2025, August 10). Street Wallet raises $350,000 to provide digital payment solutions for informal traders. Fin24. https://www.fin24.com/Tech/Street-Wallet-raises-350-000-to-provide-digital-payment-solutions-for-informal-traders-20250810
[4] BusinessTech. (2025, August 10). Street Wallet raises $350,000 to help informal traders accept digital payments. BusinessTech. https://businesstech.co.za/news/startups/437680/street-wallet-raises-350-000-to-help-informal-traders-accept-digital-payments/
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