Sticitt, a South African start-up involved in cashless payments has recently raised US$249,000 in funding.
This funding will cover operational expenses to aid the startup in its current market operations.
The start-up was founded by Dennis Wevell, Theo Kitshoff and Mitch Dart in early 2018 to establish a non-complex banking alternative.
Sticitt Pay, its wallet-based platform for payment provides its users with an alternative payment system rather than cash, card-based payments, and formal banking.
Sticitt aims to focus on the schooling market, partnering with South Africa’s ed-tech business d6 Group to provide it access to not less than 2000 local school clients.
According to one of the founders, Theo Kitshoff, the star-tup has over 400 contracted schools and have gone ahead to process US$616,000 in the first quarter of 2020.
In 2020, the start-up has taken two batches of funding already to make up for its operational expenses which include the launching of its Sticitt Terminal application that enables clients to accept scan-to-pay or tap payments.
In January 2020, the startup secured US$73,000 from a close friend of Theo Kitshoff and also recently raised US$176,000 from Crucis VC, a South African based Venture Capital company.
According to Kitshoff, the startup plans to take over the South African cashless school environment over the next couple of years by partnering with d6 Group.
“We will also be expanding the Sticitt Pay merchant offering to SMEs operating within the school ecosystem via the d6 cashless offering.
We also have other strategic niche community partnerships we are working on and are continuously looking for new opportunities,” Kitshoff said.
Francois Herbst, VC chief financial officer, Crucis felt impressed by how Sticitt conducted its business and approach to the environment of cardless payment.
“Crucis invested as much in the jockey as we invest in the deal itself. We have investment committee members with years’ experience in the banking sector, and everyone was keen to see what Sticitt can accomplish as a banking alternative,” Francois said.
“Sticitt is already post-revenue, and we believe what set them apart was their current network and their existing distribution channel to the end user.
Sticitt is still in infant stages, but we believe they are currently cutting themselves a large market share in a niche market, focusing on the school environment.”
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