Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee



Posted August 05, 2021


A Birmingham company converting gift and prepaid cards to cash recently received a funding boost.

Prepaid2Cash Holdings has announced the closing of its $5.1 million Series A financing round.

According to the company, the round was led by Benson Capital Partners, a venture capital firm backed by New Orleans Saints and New Orleans Pelicans owner Gayle Benson. It also included the Alabama Futures Fund, and Nashville-based technology focused Relevance Ventures.

P2C has also named Mike Katz of Benson Capital Partners, and Cameron Newton of Relevance Ventures, to its board of directors. In all, the company’s total amount of funding has reached $7.2 million.

P2C allows users to exchange their cards and receive cash or Bitcoin payments directly to their bank accounts or crypto wallets 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-based team, and delivering innovative new products and features for our customers,” Peter Vogt, CEO of Prepaid2Cash, said.

{mprestriction ids="1,4,9"}The financing will fund development of the company’s financial technology and feature set, and efforts to grow the customer base. P2C is also looking to hire engineering, product, and operational talent out of Birmingham. According to the company, it has seen more than 300% year-over-year growth.

P2C moved its headquarters from San Francisco to Birmingham in 2019.

“We believe P2C is well positioned to scale in the fintech space given its security-first, easy-to-use platform,” Katz, managing director of Benson Capital Partners, said. “We were impressed by the management team and are excited to help propel the company to the next level.”

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