Thousands turning to cash payment options during pandemic
LONDON, March 10, 2021 /PRNewswire/ -- CashtoCode, the instant cash payment service for online merchants, today announced its new leadership team following a hugely successful 12 months. iGaming is a key market for CashtoCode and by offering operators access to a new market sector of customers who prefer cash payments, CashtoCode grew revenues by 500% in 2020. It also added more than 100 new merchants to its platform and can now be used by customers across 150,000 retail locations in Europe (including thousands of Paypoint locations in the UK, as well as gas stations and supermarkets). CashtoCode's unique approach is its highly controlled, closed loop cash deposit mechanism. The service is designed to make compliance easy for merchants and iGaming operators, and eliminate fraud/money laundering concerns - since its cash deposit codes can only be redeemed by customers verified by the merchant and cannot be transferred between individuals.
The new team consists of three accomplished payments and iGaming professionals, with vast experience building international payment products and navigating complex regulatory landscapes. The objective of the new leadership team will be to continue CashtoCode's growth trajectory, winning more new merchants, new users, and expanding geographically:
Jens Bader - Chief Executive Officer
Payment industry veteran and entrepreneur. MuchBetter/MIR co-founder, ex-CCO at Secure Trading and paysafecard
Christian Machmeier - Chief Technology Officer
A technology-expert with previous senior roles at Gameforge and Audi
Patrick Lebenbauer - Director of Global Marketing
A marketing leader in the iGaming & payments space with previous leading roles at Tipico & KaFe Rocks.
"CashtoCode offers a second life to cash, which remains hugely popular despite the growth of card, open banking and online payments," said CashtoCode CEO, Jens Bader. "We enable merchants to target a market sector that they couldn't reach without an instant cash deposit partner. For example, in iGaming, helping operators capitalise on the growing intersection of iGaming and cash. During the pandemic, many venues and activities that would typically take cash payments were not open, but their customer-base never left. These are people who still prefer to pay by cash wherever possible, for privacy, self-control and security reasons. Many have not switched to online banking, but have instead utilised services like ours to pay with cash for their online activities."
About CashtoCode
CashtoCode is operated by Berlin-based Fintech Funanga AG. Launched in 2016, the CashtoCode platform connects a vast network of online merchants from various industries and payment service providers with over 150,000 retail locations across Europe and international markets. The CashtoCode service enables customers to conveniently pay for their online purchases with cash at their chosen retail location. As such CashtoCode technically manages through its vast networks of partners the secure, convenient, and compliant collection and settlement of cash from customers in currently 6 European countries.
More information: www.cashtocode.com, www.funanga.com
