South African payment startup, Sticitt secures investment worth $176k from Crusis VC.
South African cashless payments startup, Sticitt has secured an investment worth $176,000 from Crucis, a local Venture Capital (VC) firm.
Sticitt Ltd is a registered cashless payments provider that offers an alternative banking solution to cash, formal banking, and card-based payment.
The investment will help cover the operational expenses to scale the cashless payments service.
The payments company has partnered with D6 Group, a subsidiary of Open Learning Holdings to provide schools with its services.
Co-founder of Sticitt, Theo Kitshoff said, “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.”
The cashless payments services help parents pay their school fees or other school-related activities such as sports days or extramural activities.
Chief financial officer of Crucis VC, Francois Herbst said Crucis “invested as much in the jockey as we invest in the deal itself”, and was impressed by how
Sticitt conducted its business and its approach to the cardless payment environment.
Herbst said, “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.”
“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”, he added.
Sticitt mainly targets the schooling market but is also working with other sectors including a utility company, golf estates, and other lifestyle sectors.
Today, the startup partners with about 2000 schools with its cashless payments solution.
The Cape Town based startup was founded in 2018 by Co-founders Mitch Dart, Dennis Wevell, and Theo Kitshoff.