Investment Enables PrePaid2Cash to Grow its Executive Team and Deliver New Products and Features That Enhance Customers’ Ability to Benefit from Gift and Prepaid Cards
Prepaid2Cash Holdings, Inc. (“P2C”), the established leader in the gift and prepaid card redemption space, has announced the closing of its $5.1 million Series A financing round. The financing round was led by Benson Capital Partners, a venture capital firm backed by NFL New Orleans Saints and NBA Pelicans owner Gayle Benson, and included participation from other leading Southern US-focused technology venture firms including Nashville-based Relevance Ventures and Alabama Futures Fund. Launched in 2016, P2C enables consumers and business clients to convert gift and prepaid cards into cash. P2C’s technology and partnerships allow its users to exchange their cards and receive cash or Bitcoin payment directly to their bank account or crypto wallet within minutes.
“We are thrilled to be backed by such a high caliber group of investors who believe in P2C’s mission. We look forward to adding top talent to our Birmingham, Alabama based team, and delivering innovative new products and features for our customers,” said Peter Vogt, CEO of Prepaid2Cash.
P2C has seen tremendous growth in revenue and user adoption, achieving 300%+ year-over-year growth. The financing will enable P2C to continue to fuel customer acquisition and the development of its financial technology and feature set. Additionally, P2C aims to hire engineering, product, and operational talent out of its Birmingham, Alabama headquarters, and position the company as the premier technology provider for gift and prepaid card redemption.
“P2C is uniquely positioned to enhance the technology that impacts redemption in the gift and prepaid card space,” said Cameron Newton, General Partner, Relevance Ventures. “We look forward to taking on a Board position and supporting the company as they position for a new phase of growth and industry leadership.”
“We believe P2C is well positioned to scale in the fintech space given its security-first, easy-to-use platform,” said Mike Katz, Managing Director, Benson Capital Partners. “We were impressed by the management team and are excited to help propel the company to the next level.”
P2C has also named Mike Katz of Benson Capital Partners and Cameron Newton of Relevance Ventures to its Board of Directors.
P2C had previously raised $2.1 million in various seed financings. Including this Series A financing, it brings P2C’s total amount of funding to $7.2 million.