In a seed round that was 1.5X oversubscribed, Sticitt has now obtained a massive investment from a consortium led by Nustate Capital Ventures. Hlayisani Capital, Grindstone Ventures, GalloProvincialis and Realm Digital, are among the investing consortium’s members.
Financial education is critical for economic progress because it allows people to use money as a tool to achieve a better tomorrow.
Sticitt Pay, is a cashless payment platform that provides schools with an embedded smart payment network that is both safe and simple to use.
Sticitt is considered as the first necessary phase in their journey to systemize education-related transactions and to build a youth banking option.
In the first quarter of 2020, Sticitt processed ZAR10.5 million (US$616,000) from almost 400 licensed schools.
That same year, the startup raised two rounds of investment to cover the operational costs of its then existing market rollouts, which included the introduction of its Sticitt Terminal application, which allows businesses to accept tap or scan-to-pay transactions.
“This round of funding will enable us to engage additional schools, parents, and students, as well as grow our product roadmap focused on education-related remittances and youth banking,” stated Sticitt CEO Theo Kitshoff.
South Africa has one of the weakest domestic saving rates in the developed world, according to Dr Eugene van Rensburg, partner at Hlayisani Capital and Sticitt director.
This has a significant impact on the country’s potential to achieve meaningful Economic growth and makes individuals vulnerable to economic shocks.
He further explained that in order to improve the socio-economic prospects for all South Africans, user-centric financial technology must be used to make the principles of financial education more accessible to the youth and their families.
Techbuild’s Take
Sticitt Pay, a simple payment system co-founded by Theo Kitshoff, Mitch Dart, and Dennis Wevel in January 2018, improves transactions within the South African education industry by providing niche groups with an innovative payment system to formal banking, cash and card-based transactions.
The startup’s major focus is the education sector, where it has teamed with d6 Group, a renowned education technology company, to gain access to over 2,000 prospective local school customers.
The startup now post-revenue, and it appears their present network and distribution method to the end user make them stand out. Sticitt is still in its infancy, but we feel they’re already carving out a sizable market share in a specialized industry focused on the school environment.
Sticitt will be able to speed product development, school deployment, and contribute immensely to the advancement of students, their guardians, and schools as a result of this funding.
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