HalCash North America, introduced in the U.S. in 2015 under the brand name Pin4, has announced the acquisition of a majority equity ownership stake in HalCash International.
Madrid-based HalCash developed and owns the HalCash system — a patented, mobile phone-based technology that enables real-time cardless cash withdrawals at ATMs without a credit or debit card or even a bank account.
The HalCash system provides access to more than 8,000 ATMs in Spain and is used by financial institutions, marketing firms, remittance companies and other businesses to deliver real-time cash access to customers, according to a press release. In 2016, HCI performed more than 800,000 transactions and is expected to exceed 1,000,000 transactions in 2017.
Pin4 was formed in 2015 to bring the HalCash system to the U.S. The company said its controlling interest in HalCash International will allow aggressive expansion into new countries with the ultimate goal of providing mobile money access for 4.8 billion global mobile phone users at 3 million ATMs worldwide.
The system allows cardless disbursement of in-country and cross-border transactions such as person-to-person transfers, emergency cash, disaster relief, and consumer promotions and rewards. The system is secured by a patented dual-pin authorization process, and gives disbursing companies access to a consumer base that includes banked, underbanked and unbanked communities, the release said.
"Today's consumers are both mobile-centric and global," Pin4 CEO Richard Witkowski said in the release. "The ability to disburse funds to this consumer base regardless of card and bank status is invaluable to our customers, from retailers and marketing companies to banking institutions and remittance companies. Pin4 was built to meet this need. And, now, we are properly positioned to rapidly take this capability global."
The transaction was led by U.S. fintech private equity firm Ashby Point Capital, an early HCNA investor.