CashtoCode, the instant cash payment service for online merchants, has significantly strengthened its leadership team, with the appointment of Jens Bader as Chief Executive Officer.
The firm also confirmed the appointments of Christian Machmeier as Chief Technology Officer and Patrick Lebenbauer as Director of Global Marketing, as it continues to build on a year of growth.
It comes as iGaming continues to be a key market for CashtoCode and by offering operators access to a new market sector of customers who prefer cash payments, CashtoCode grew revenues by 500% in 2020. It also added more than 100 new merchants to its platform and can now be used by customers across 150,000 retail locations in Europe.
“CashtoCode offers a second life to cash, which remains hugely popular despite the growth of card, open banking and online payments,” said CashtoCode CEO, Jens Bader.
“We enable merchants to target a market sector that they couldn’t reach without an instant cash deposit partner. For example, in iGaming, helping operators capitalise on the growing intersection of iGaming and cash.
“During the pandemic, many venues and activities that would typically take cash payments were not open, but their customer-base never left. These are people who still prefer to pay by cash wherever possible, for privacy, self-control and security reasons. Many have not switched to online banking, but have instead utilised services like ours to pay with cash for their online activities.”