Street Wallet, a prominent South African fintech specializing in mobile payment solutions for informal traders and service providers, has successfully acquired Digitip, a local startup that facilitates digital tipping for africa-morgan-stanley-innovation-lab/” title=”Caring … Chosen for Morgan Stanley Innovation Lab to Revolutionize Care Infrastructure Across the Continent”>informal workers. The financial terms of the deal remain confidential. This strategic move enhances Street Wallet’s footprint in key regions such as KwaZulu-Natal and Cape Town.
Following the acquisition, leadership roles at Digitip will be assumed by Street Wallet’s founder, Kosta Scholiadis, and CFO, Stephen Britto. Meanwhile, Digitip’s founder, Monica Nilsen, will pivot her efforts toward deepening engagement with traders. Nilsen will continue to provide support to both existing Digitip users and new customers transitioning to Street Wallet’s platform. Importantly, the Digitip team will remain fully operational and integrated within the new structure.
Users of Digitip will benefit from Street Wallet’s enhanced technological infrastructure, which offers accelerated payout processes, reduced transaction costs, and daily eWallet disbursements through ABSA CashSend.
“This development is transformative for our community,” Nilsen remarked. “It opens up greater earning potential and delivers a more seamless experience for informal sector workers.”
This acquisition occurs amid a broader trend of consolidation within South Africa’s fintech industry. For instance, in August 2025, Nedbank acquired iKhokha, a fintech focused on small and medium enterprises, for approximately R1.65 billion ($93 million), aiming to bolster its digital offerings for small business clients. Similarly, Stitch expanded its payments infrastructure by acquiring Efficacy Payments and ExitPay in separate transactions during 2025, enhancing its card acquiring capabilities and fintech ecosystem. Additionally, Lesaka Technologies completed a $96 million acquisition of Adumo in October 2024, further consolidating payment infrastructure across the region.
This acquisition underscores Street Wallet’s commitment to integrating informal workers into South Africa’s digital financial landscape. By merging with Digitip, Street Wallet is positioned to deliver scalable, cost-effective solutions that minimize barriers for micro-merchants and tip-dependent earners.
“Our mission is to streamline financial transactions and promote inclusion,” stated Britto. “We are designing customized fee models that simplify access for traders entering the formal banking system.”
With this strategic acquisition, Street Wallet is reinforcing its vision to lead the informal economy in Africa toward a more inclusive, technology-driven future. “Together, we are establishing a new benchmark for digital payments within the informal sector,” added Scholiadis.
The purchase of Digitip follows Street Wallet’s recent funding round, which raised R6.2 million ($350,000) and elevated the company’s valuation beyond R34 million ($2 million). This infusion of capital will support product development and expand outreach to street vendors and SMEs that have traditionally been underserved by conventional financial institutions.
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