Sticitt, South Africa’s fintech startup, has received an oversubscribed round in seed funding to support its growth.
In January 2018, Dennis Wevel, Mitch Dart, and Theo Kitshoff co-founded the company. Sticitt Pay simplifies payments in the South African education sector. It is an easy-to-use payment platform, Sticitt Pay. This payment system provides niche communities with an alternative to cash, formal banking, and card-based payment solutions.
Sticitt is primarily focused on the schooling market. In 2020, we raised US$250,000 for funding has secured a strategic investor from Nustate Ventures, a consortium that led the seed round. It was oversubscribed 1.5X. Grindstone Ventures is a member of the investment consortium, along with Nustate Capital Ventures. Hlayisani Capital and Realm Digital are also members.
“Financial education is crucial for economic growth and gives someone the chance of a better tomorrow using money as an enabling tool in their lives. Our first product, Sticitt Pay, a cashless payment platform, offers schools an integrated smart payment system that is safe and easy to use and is the first important step in our journey to simplify education-related payments and build toward a youth banking alternative. This funding round will help us reach more schools, parents, and learners and enable our expanded product roadmap centered around education-related payments and youth banking,” said Theo Kitshoff, CEO of Sticitt.
Dr Eugene van Rensburg, partner at Hlayisani Capital and Sticitt director, said South Africa had one of the world’s lowest household saving rates, which directly impacts the country’s ability to generate meaningful GDP growth and makes people vulnerable to economic shocks.
“Using user-centric financial technology to make the fundamentals of personal finance more accessible to the youth, and their families are essential in improving the socio-economic outlook for all South Africans. With this investment, Sticitt is able to accelerate its product development, schools deployment and significantly contribute to the upliftment of learners, their parents, and schools,” he said.