Sticitt, a South African fintech startup has secured $176,000 investment from Crucis VC to help it meet operational expenses.
The cashless payment startup was founded in 2018 by Mitch Dart, Dennis Wevell and Theo Kitshoff.
The forte of Sticitt is the education sector, where it has partnered with leading education technology business d6 Group to give it access to more than 2,000 potential local school customers.
Disrupt Africa reports that Sticitt has more than 400 contracted schools and processed ZAR10.5 million (US$616,000) in the first quarter of this year.
So far this year, Sticitt of funding in 2020 to cover operational expenses of its current market rollouts, which include the launch of its Sticitt Terminal application, allowing its merchants to accept tap or scan-to-pay payments.
So far this year, it secured $73,000 from Kitshoff earlier this year and has just raised its first institutional round by banking $176,000 from Crucis VC. Both investments came in the form of convertible notes.
Kitshoff said Sticitt’s plans for the next couple of years are to dominate the South African cashless school environment in partnership 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,” he said.
Crucis VC chief financial officer (CFO) Francois Herbst said “We 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.
“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,” he 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.”
