Cape Town-based fintech start-up Street Wallet has raised R6.2 million ($350 000), at a valuation of over R34 million ($2 million), to accelerate its mission of bringing SA’s street vendors and SMEs into the digital economy.
This is according to Kosta Scholiadis, founder and CEO of Street Wallet, who said the funding will play a critical role in helping Street Wallet scale its operations across SA.
Other players in SA's digital payments include Yoco, Peach Payment, Ozow and SnapScan.
According to Mordor Intelligence, SA's real-time payments market is expected to grow from $0.57 billion in 2025 to $2.75 billion by 2030, at a CAGR of 34.21%.
The global QR code payment market is expected to grow from $14.32 billion in 2025 to $61.73 billion by 2033, at a CAGR of 20%. In SA, QR code payments have seen increased adoption, driven by the pandemic and demand for contactless payments.
Street Wallet enables customers to pay via QR code, with vendors carrying a card with a their unique QR code linked to their Street Wallet page.
According to Scholiadis, the platform's QR code payment system allows customers to pay using their preferred digital method. Vendors can login to their dashboard to view their total sales, which are consolidated into a voucher payout redeemable at major retailers.
Scholiadis said the company measure the success of its platform by tracking key metrics such as total transaction value, number of transactions, customer lifetime value and monthly growth per client, adjusted for seasonality.
The Spend Trend 2025 survey by Visa and Discovery Bank states cash is becoming less common as a payment method, with most South Africans now favouring digital transactions.
The survey adds that 84% of respondents prefer using cards or digital payments whenever they can. This shift is especially noticeable among younger consumers, with 83% saying they used digital payments more than the previous year.
“Street Wallet is really simple to use. I carry a QR code card around my neck to Clifton Beach. The customer scans and pays, and I see the notification straight away via SMS. The next day, I have my cash voucher,” explained street vendor Andre IIunga.
Street Wallet's solution aims to address the challenges faced by street vendors and small businesses in SA, including limited access to financial services and the decline of cash transactions.
“With the investment, the company plans to invest in marketing and outreach efforts to increase user acquisition and expand its services to reach more vendors and small businesses in South Africa,” Scholiadis concluded.
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