Prepaid2Cash Raises $5.1 million Series A Funding Round led by Benson Capital Partners and Relevance Ventures
BIRMINGHAM, Ala., July 29, 2021 /PRNewswire/ -- 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 2C's total amount of funding to $7.2 million.
Based in Birmingham, Alabama, Prepaid2Cash is a payments and financial technology company that easily, conveniently, affordably, and securely converts network branded (Visa, MasterCard, Amex, Discover) prepaid cards as well as gift cards into cash or Bitcoin. Simply download the app, scan your prepaid card, and get your cash direct-deposited in minutes. Prepaid2Cash partners with leading banking and payment institutions to offer simple, safe, and speedy service to help consumers redeem their prepaid cards for cash. Prepaid2Cash was launched to the public in 2016. For more information on Prepaid2Cash, please visit www.Prepaid2Cash.com.
About Benson Capital Partners, LLC
Benson Capital Partners ("BCP") is a New Orleans-based, for-profit entity founded in 2019 by Gayle M. Benson, principal owner of the New Orleans Saints, New Orleans Pelicans, and Birmingham Squadron. BCP is an organization that facilitates new business formation, workforce expansion, and wealth creation by investing capital and providing resources to the most promising companies that are addressing large markets. Benson Capital Partners is a partnership to honor the legacy of her late husband Tom Benson by fostering entrepreneurship and innovation in the Gulf South Region. For more information, please visit their website at www.bensonCP.com.
About Relevance Ventures
Relevance Ventures is the only Native American privately owned and operated venture capital firm. Relevance Ventures provides strategic venture assistance and guidance to entrepreneurs working to foster harmony while delivering a positive communal impact. With over $115 million under management, the firm focuses on opportunities within the health & wellness and fintech/enterprise software industries. The firm specializes in identifying proven management teams with a solid business plan to bring harmony to an addressable market of at least $1 billion. Relevance Ventures was founded by Cameron and Dean Newton, and is headquartered in Nashville, Tennessee. The company is currently actively raising its fourth fund with a targeted size of $75 million. To learn more about Relevance Ventures, please visit their website at www.RelevanceVentures.com.
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.
About Redhawk Advisory
Redhawk Advisory ("Redhawk") is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkAdvisory.com.
SOURCE Prepaid2Cash Holdings, Inc.
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