Street Wallet secures $350K to help informal traders go cashless
Street Wallet secures $350K to help South African informal traders go cashless and expand digital payment access across communities...
✨ Key Highlights
Street Wallet, a fintech startup based in Cape Town, has successfully raised USD 350,000 in new funding, bringing its valuation to USD 2 million. This investment aims to fuel the company's expansion, particularly in reaching more underserved communities within South Africa's informal economy.
- Raised USD 350,000 in funding, valuing the company at USD 2 million.
- Street Wallet was founded in 2021 to address the challenge of limited access to formal banking for approximately 1 million street vendors and small traders in South Africa.
- The solution provides traders with a lanyard card featuring a QR code, enabling customers to pay via various digital options like Apple Pay, Samsung Pay, and SnapScan.
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African Tech Firms Secure Funding and Launch New Digital Services - August 2025
Technology companies across Africa have announced new funding rounds and strategic initiatives to expand digital services. Street Wallet, a fintech startup in Cape Town, raised USD 350,000 to help informal traders go cashless, bringing its valuation to USD 2 million. In Egypt, the online grocery delivery platform Breadfast secured $10 million in Series B2 funding from investors including the European Bank for Reconstruction and Development (EBRD) to expand its fulfillment network. Meanwhile, Visa has partnered with PEMANDU Associates to help governments in Africa accelerate digitization and financial inclusion. In Kenya, Safaricom launched B-LIVE, a new time-based data option allowing customers to purchase internet access by the hour rather than by volume.
