Jordan-based financial technology (fintech) startup GoCash, has raised $300,000 in a pre-seed investment round from a group of Amman-based angel investors.
Founded in mid-2020, the startup looks to disrupt the ATM industry by democratising the process of cash distribution, bringing the sharing economy model into logistics. It enables small merchants in Jordan to become cash in/cash out (CICO) merchants, through which customers can make cash withdrawals at a lower unified rate.
“Our mission is to grow our network to the whole Middle East and North Africa region, strengthen our cash management and availability algorithm, to assure we can partner with giants like PayPal. We want to support the rise of financial inclusion and help unbanked families to have a better place and to access more financial services through our COCI network,” said Amr Barakat, CEO and founder of GoCash.
According to Barkat, the startup aims to help banks reduce the cost of installing and establishing ATMs throughout the cash-reliant country by enabling a nation-wide network of virtual ATMs. In 2020, banks across Jordan spent over $25 million to install and maintain ATMs.
The investment will enable the startup to accelerate its product development and expand its CICO networks. Currently, GoCash is at various stages of talks with banks and payment processors in Jordan to integrate its software into their digital banking platforms.
The global ATM market was valued at $20.58 billion in 2019 and is projected to reach $30.50 billion by 2026.