Street Wallet Secures $350K, Valued at $2M, to Drive Financial Inclusion in South Africa
The investment marks a significant step forward for the young company, founded in 2021, as it accelerates efforts to bring cashless solutions to South Africa’s vast network of informal traders.
Cape Town–based fintech startup Street Wallet has raised USD 350,000 (ZAR 6.2 million) in fresh funding, valuing the company at USD 2 million (ZAR 35.5 million). The investment marks a significant step forward for the young company, founded in 2021, as it accelerates efforts to bring cashless solutions to South Africa’s vast network of informal traders.
An estimated one million street vendors and small traders in the country operate without formal banking services, leaving them unable to accept digital payments. This lack of access often results in lost sales as customers increasingly move away from cash. Street Wallet aims to close this gap by equipping traders with simple, accessible payment tools.
The startup issues lanyard cards with unique QR codes that link directly to a trader’s Street Wallet page. Shoppers can make payments through popular platforms such as Apple Pay, Samsung Pay, SnapScan, Zapper, and Scan-to-Pay. Traders are immediately notified of transactions via SMS, and by the following morning, their takings are converted into Standard Bank Instant Money Vouchers, which can be withdrawn at ATMs or participating retailers.
With its latest funding round, Street Wallet plans to strengthen its sales team, deepen partnerships, and extend its reach across more communities. By offering secure, easy-to-use digital payment solutions, the company is positioning itself as a key enabler of financial inclusion for South Africa’s informal economy.
