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Alabama Futures Fund Invests in Prepaid2Cash Holdings, Inc.

/EIN News/ -- BIRMINGHAM, Ala., June 27, 2019 (GLOBE NEWSWIRE) -- Alabama Futures Fund (“AFF”), recently placed an investment in Prepaid2Cash Holdings, Inc., (“P2C”). Based in San Francisco, California, P2C uses advanced technologies to allow consumers to exchange gift cards for cash via their smartphones. In connection with the investment by AFF, P2C is relocating its worldwide headquarters from San Francisco to Birmingham, Alabama.

In 2017, the P2C team identified an opportunity to offer a fast, secure and affordable way to allow users to convert gift and prepaid cards into cash. Where competitors in the space have developed marketplaces that allow users to exchange cards or sell them to other users for cash at a discount, P2C’s technology and partnerships allow users to exchange their cards and receive payment directly to their bank account within 24 hours or via check in a few business days.

Since inception, P2C has processed millions of dollars in transactions, has thousands of users and is growing quickly.

According to Matt Hottle, partner at Redhawk Advisory, serving as the Investment Manager for AFF, “We loved this business model immediately. P2C brings a simple and valuable customer proposition with an advanced technology platform to a huge market opportunity. What the P2C team has done already is remarkable and we are excited to bring another great team and company to Alabama.”

“We are excited to join the burgeoning tech community in Birmingham,” said Peter Vogt, Co-Founder and CEO of Prepaid2Cash. “We were blown away by the ample resources and support available to a growing business like ours. This gives us confidence in our ability to scale our company and access new customers and tap regional connections."

About Prepaid2Cash

Based in Birmingham, AL, Prepaid2Cash is a payments and financial technology company that easily, conveniently, affordably, and securely converts your network branded (Visa, MasterCard, Amex, Discover) prepaid cards as well as gift cards into cash. Simply download the app, scan your prepaid card, and get your cash direct-deposited in as little as 24 hours. Prepaid2Cash was founded by two financial technology entrepreneurs in San Francisco. They partnered with leading banking and payment institutions to offer simple, safe, and speedy service to help consumers redeem their prepaid cards for cash. Prepaid2Cash was launched to the public in 2016.

About Alabama Futures Fund, LP

AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.

About Redhawk Advisory

Redhawk Advisory (“Redhawk”) is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkAdvisory.com.

Contact: Matt Hottle                       
Telephone: 205.530.3722
E-mail: matt@redhawkadvisory.com

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