Jordan: Jordanian Fintech Gocash has announced a $300K Pre-Seed funding round, from undisclosed angel investors.
Gocash provides an accessible financial services platform, enabling stores in a specific area to act as “virtual ATMs” using a smartphone or POS-system. It democratizes the process of cash distribution in order to reduce the “cost of cash” and help millions of Jordan’s unbanked access to the financial system.
Launched in 2020 by Amr Barakat, who previously founded a startup that helped develop and revamp the Jordanian mobile app – “Zain cash”, Gocash was created as a result of this experience with Amr questioning why mobile wallets had not taken off despite the millions of dollars being invested in them.
The startup is currently developing a software that will be pilot-tested in Jordan to enable small stores to become “cashpoints.” They are also at various stages of engagement with several banks and payment processors in the country to integrate the software into their digital banking platforms.
With the slow pace of financial inclusion and the high cost of financial services to expand by opening branches or by installing expensive ATMs in rural areas, Gocash’s vision is to make everyday life easier for users by building a cash dispenser agent network.
Amr Barakat, CEO, and Founder commented, “The global ATM market is one of the few areas in banking where technology has not really made any positive impact. We are jumping at this opportunity and this is how GoCcsh was born. Our mission is to make cash available around every corner, grow our network to the wider MENA region, and strengthen our cash management ad availability algorithm, to assure we can partner with giants such as PayPal.”