Fintech Startup Sticitt Closes Seed Funding Round

A seed round was 1.5X more popular than expected. Sticitt, a large investment has been made by a group led by Nustate Capital Ventures. Hlayisani Capital, Grindstone Ventures, GalloProvincialis and Realm Digital, are among the investing consortium’s members.

Because it allows people to use money to make a better future, financial education is crucial for economic growth.

Sticitt Pay, a cashless payment platform, provides schools with an embedded smart payments network that is both secure and simple to use.

Sticitt represents the first phase of their journey to organize education-related transactions, and to create a youth bank option.

Sticitt processed ZAR10.5million (US$616,000), from nearly 400 schools licensed.

In the same year, two rounds were raised by the startup to help cover operational costs for its existing market rollouts. These included the introduction and operation of its Sticitt Terminal application which allows businesses to accept scan-to pay or tap 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,”Theo Kitshoff (CEO Sticitt) stated this.

According to Dr Eugene van Rensburg partner at Hlayisani Capital as well as Sticitt director, South Africa has one among the lowest domestic saving rates in developed countries.

This has a significant impact on the country’s potential to achieve meaningful Economic growth and makes individuals vulnerable to economic shocks.

He explained that user-centric technology in financial technology is needed to make financial education more accessible to all South Africans.

Sticitt Pay, an innovative payment system, was founded by Dennis Wevel and Mitch Dart in January 2018. It facilitates transactions within South Africa’s education industry by offering niche groups a payment system to formal banking and cash 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 has now been successful and their distribution methods to end users and network make them standout. 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’s funding will allow him to accelerate product development and school deployment. He can also greatly assist in the advancement of students and their guardians.

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