Gocash Raises $300,000 in a Pre-Seed Round

Gocash Raises $300,000 in a Pre-Seed Round
Source: Alquds News

Jordanian fintech, Gocash, secured a PreSeed Investment Round of $300,000 from undisclosed angel investors. The investment will fund the acceleration of product development and expansion of their network.

Amr Barakat is a Jordanian entrepreneur and Founder of Gocash. His startup journey began by founding Audiogram a telecom startup that received an idea-stage investment from a local startup accelerator in 2016. In 2018, he pivoted and rebranded to VASMob to become a boutique software house that received a six-figure investment round from Zain Jordan, one of the largest telecom operators in the Middle East.

VASMob helped in developing and revamping the leading mobile app in Jordan “Zain cash”. He didn’t understand why mobile wallets hadn’t taken off despite the millions of dollars being invested in them. He says “users and businesses using the wallet needed more cashpoints to withdraw and deposit cash in their accounts, and there weren’t enough Zain branches or ATMs especially in rural areas and countryside. So, why not convert each shop into a micro cash processing agent connected to our software network which also unified and can be used by partnered mobile wallets and banks.:

Gocash wants to enable all shops to act as a virtual ATMs. Its system aims to democratize the process of cash distribution in order to reduce the “cost of cash” and helps millions of Jordan’s unbanked access to the financial system. The startup is currently developing software that will enable small stores to become “cashpoints.” It is in conversation with leading banks and payment processors in Jordan to integrate the software into their digital banking platforms.

The startup’s mission according to a statement is to spread their network to the whole MENA Region, “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 network”.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.