SA Cashless Payment Platform Sticitt Lands $177k from New VC
by ventureburn 2020-06-04
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Mitch Dart, Dennis Wevell and Theo Kitshoff (from left to right, respectively) source: ventureburn

Cape Town based cashless payment platform Sticitt has landed a R3-million($177k) investment from a new SA venture capital (VC) company, Crucis VC.

Sticitt was founded in 2018 by Mitch Dart, Dennis Wevell and Theo Kitshoff and today has nine employees.

Today Sticitt services schools, lifestyle and golf estates, as well as events and is assisting one utility company to get clients to pay for water bills using its cashless payments system.

But it’s in servicing schools — helping parents pay their school fees or help learners to pay for school-related activities such as sports days or extra mural activities — where the service has really taken off.

In 2018 the three signed a deal with D6 Group to offer a cashless payments service on the company’s online communication platform, which allows parents to track activities and progress of learners.

Through the deal with D6 Group, which is a subsidiary of investment holding company Open Learning Holdings, the startup is able to reach almost 2000 schools.

The startup has also teamed up with partners in various other sectors, who already have a captive ecosystem of clients, but lack a payment function to service them.

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