Street Wallet Is Digitizing Everyday Payments for Africa’s Informal Workforce
- Mandilakhe Somdle
- Jul 21
- 3 min read
Born from everyday friction on Cape Town streets, Street Wallet empowers informal traders and car guards with digital QR code payments, no bank account or app needed.
In this must-read blog, Kosta Scholiadis shares:
How a simple solution to tipping car guards sparked a fintech startup
Why QR-based cashless payments are essential for financial inclusion in Africa
How Pitching at AfricArena’s stage elevated credibility and partnerships
When Frustration Sparks Innovation
“I could never pay street traders for services or products because I never carry cash,” reflects founder & CEO Kosta Scholiadis. That moment of guilt on a car park in South Africa sparked a simple, yet powerful idea and led to Street Wallet.
During the COVID-19 pandemic, when handling cash became risky, Kosta and co-founder Nicole Voutsas printed QR codes, powered by SnapScan and Zapper onto lanyards and distributed them to car guards. The early response was astonishing: people embraced the concept even before it became tech-savvy. That first spark validated Street Wallet’s mission to bring fast, low-cost, QR-based payouts and tipping to informal workers and low-income traders across Africa.
From Bootstrap to Seed Success
Built during the pandemic, Street Wallet began as a bootstrap project R500,000 (~USD 25,000) built from personal savings and prototype testing. Today, it has raised USD 350,000 in seed funding.
“Raising our first round meant we could go full-time on Street Wallet, that was the moment we knew we had something real,” recalls Kosta.
Funding Africa’s informal economy isn’t without its challenges. Compliance, onboarding non-tech users, and navigating fragmented infrastructure proved complex but Street Wallet tackled each hurdle with simplicity and patience.
Bridging the Digital Chasm Without a Bank App
In the African context, where smartphone penetration is high but banking access remains uneven, Street Wallet solves a critical problem. No app, no bank account, no headache: One scan, and payments flow seamlessly through QR codes.
“We empower traders, car guards, and small businesses to participate in the digital economy,” says Kosta. The result: improved financial inclusion and transparent income streams.
Born of necessity, Street Wallet answers an everyday problem that mainstream fintechs often miss, proving that inclusion can be as simple as giving someone a QR code.
The AfricArena Impact
Pitching at the AfricArena London Summit gave Street Wallet more than confidence it offered credibility. The feedback from investors, newfound partnerships, and media exposure accelerated traction.
Measuring Real Value
Street Wallet isn’t chasing hype, it’s focused on measuring real-world outcomes. The team closely tracks the number of informal workers paid digitally, total transactions and repeat usage, as well as increases in income stability resulting from digital tips. As adoption grows, Street Wallet plans to introduce enhanced analytics to better understand income uplift and gather deeper insights through user feedback.
What’s Next
Over the next five years, Street Wallet aims to become a household digital payments brand across South Africa, and soon beyond. With a USD 1.5 million raise planned for 2025, they plan to scale tech talent, strengthen infrastructure, and deepen market reach.
Daily Hustle, Long-Term Vision
Kosta’s day starts with reviewing and triggering payments to ensure the merchants receive their cash vouchers promptly. He’s also involved in daily tech standups as he leads product development, and often meets with new business clients to drive growth. Kosta regularly syncs with his partner Stephen Britto, the Chief Operations and Financial Officer (COFO) of Street Wallet, to review strategy, pricing, and commercial agreements. While Kosta is still hands-on with execution, they aim to empower their sales team to take the lead on delivery.
Smart Lessons for African Fintech
Mentors offered this advice:
“Don’t spread yourself too thin or try to do everything at once. Focus on getting the core product right.”
To emerging African fintech builders, Kosta adds:
“Please don’t compete with me! Jokes aside, my advice is to obsess over user experience. In this sector, it’s not about forcing products into people’s hands. It’s about designing solutions that feel intuitive and genuinely useful in their daily lives. That’s what earns trust and drives adoption.”
Discover more from Street Wallet at streetwallet.co.za
Explore African startup stories at africarena.com
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