BIRMINGHAM, Ala., June 27, 2019 (GLOBE NEWSWIRE) -- Alabama Futures Fund (“AFF”), recently placed an investment in Prepaid2Cash Holdings, Inc., (“P2C”). Based in San Francisco, California, P2C uses advanced technologies to allow consumers to exchange gift cards for cash via their smartphones. In connection with the investment by AFF, P2C is relocating its worldwide headquarters from San Francisco to Birmingham, Alabama.
In 2017, the P2C team identified an opportunity to offer a fast, secure and affordable way to allow users to convert gift and prepaid cards into cash. Where competitors in the space have developed marketplaces that allow users to exchange cards or sell them to other users for cash at a discount, P2C’s technology and partnerships allow users to exchange their cards and receive payment directly to their bank account within 24 hours or via check in a few business days.
Since inception, P2C has processed millions of dollars in transactions, has thousands of users and is growing quickly.
According to Matt Hottle, partner at Redhawk Advisory, serving as the Investment Manager for AFF, “We loved this business model immediately. P2C brings a simple and valuable customer proposition with an advanced technology platform to a huge market opportunity. What the P2C team has done already is remarkable and we are excited to bring another great team and company to Alabama.”
“We are excited to join the burgeoning tech community in Birmingham,” said Peter Vogt, Co-Founder and CEO of Prepaid2Cash. “We were blown away by the ample resources and support available to a growing business like ours. This gives us confidence in our ability to scale our company and access new customers and tap regional connections."