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{{Use mdy dates|date=June 2021}}
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{{Infobox company
{{Infobox company
| name = CASHU
| name = CashU
| logo = CASHU.png
| logo = CASHU.png
| type = Private
| type = [[Private company]]
| industry = Financial Technology
| industry = [[Financial services]]
| founded = {{Start date and age|2002}} in [[Amman]], [[Jordan]]
| founder = Jabbar Internet Group
| founders = [[Maktoob]]
| hq_location = The British Virgin Islands (BVI)
| defunct = {{End date|2018}}
| area_served = MENA
| fate = Acquired
| key_people = Ala Dawod (CEO)
| hq_location_city = [[Dubai]]
| hq_location_country = [[United Arab Emirates]]
| area_served = [[Middle East and North Africa]] (MENA)
| website =
}}
}}


'''CashU''' is an Arabic [[fintech]] company providing a [[digital wallet]] and online payment services for customers in the [[Middle East and North Africa]] (MENA) region. The company was founded as a technology startup in July 2002 in association with online service company [[Maktoob]] in [[Amman]], [[Jordan]]. It provided payment services for [[Maktoob]] online services. The company went through a number of [[Venture round|rounds of investment]] from [[venture capital fund]]s.
'''CASHU''' is a [[digital wallet]] that allows consumers to pay and [[Electronic funds transfer|transfer]] [[money]] online, and issue [[Stored-value card|prepaid]] virtual and plastic [[Mastercard]]. The company was established by [[Maktoob]] (currently “'''Jabbar Internet Group'''”) in July 2002, and it is [[Headquarters|headquartered]] in the [[British Virgin Islands|British Virgin Islands (BVI)]].


Prior to its demise, the company had over 3.2 million users and was headquartered in Dubai and had offices in [[Jordan]] and [[Egypt]]. It was legally registered in the [[British Virgin Islands]] (BVI) for some years until its registration was moved to Dubai.
CASHU is considered the first [[Financial technology|FinTech]] company in the [[Middle East and North Africa]], serving nearly 3 million consumers in the region, being accepted by more than 7,000 [[Online shopping|online stores]], and being available at over 300,000 [[Point of sale|points of sale]] for the [[E-Wallet|e-wallet]] funding, which has helped merchants around the globe to grow businesses and to expand smoothly and securely in the [[MENA]] region, offering their products and services to millions of buyers residing in this raw region.

CASHU is built upon and encapsulates the most sophisticated and up-to-date [[fraud]] prevention and anti-[[money laundering]] systems, reducing the risks associated with [[E-commerce payment system|online payments]] for both buyers and sellers, which all allow for wider, safer, and faster consumer participation in [[e-commerce]].

In addition to the Company's headquarters in the [[British Virgin Islands]]; the Company has an office in [[Amman]], [[Jordan]], and an office in [[Cairo]], [[Egypt]], through which all CASHU operations are managed.


== History ==
== History ==
⚫
===Early History===
⚫
The continuous success of [[Maktoob]] led to the company's desire to launch new e-businesses, the first of which was in 2002 when CASHU was launched as an alternative [[online payment]] method for the use of [[credit card]]s [[online]],<ref>{{Cite web|title=Maktoob.com Unveils New e-Shopping Solution|url=https://www.arabianbusiness.com/maktoob-com-unveils-new-e-shopping-solution-139970.html|last=|first=|date=July 17, 2002|website=Arabian Business|language=en|url-status=live|archive-url=https://web.archive.org/web/20130415080516/http://www.arabianbusiness.com:80/maktoob-com-unveils-new-e-shopping-solution-139970.html |archive-date=April 15, 2013 |access-date=}}</ref> which was considered the first of its kind in the [[MENA]] region.

⚫
On August 25, 2009, [[Yahoo!]] acquired [[Maktoob]] in a deal that exceeded $85 million.<ref>{{Cite web|title=Confirmed: Yahoo Acquires Arab Internet Portal Maktoob|url=https://social.techcrunch.com/2009/08/25/confirmed-yahoo-acquires-arab-internet-portal-maktoob/|last=|first=|date=August 25, 2009|website=TechCrunch|language=en|url-status=live|archive-url=|archive-date=|access-date=}}</ref> According to the agreement between the two companies, the deal did not include the rest of Maktoob’s [[product (business)|product]]s, including CASHU, [[Souq.com]], Araby and Tahadi [[MMO game]]s, which became part of '''Jabbar Internet Group''' headed by [[Maktoob]] founder, and [[Tiger Management|Tiger Global]] as the major shareholder.

⚫
===Souq Group Subsidiary (2012-2015)===
⚫
In 2012, '''Naspers Limited''' took a stake alongside '''Jabbar Internet Group''' and '''[[Tiger Global]]''' in CASHU and [[Souq.com]], and so it was listed under the umbrella of '''[[Souq.com|Souq Group]]''', which included '''[[Souq.com]]''', '''Sukar.com''' and '''Qexpress''' (a [[logistics]] and [[shipping company]]), as well as CASHU.

⚫
While [[Souq.com|Souq Group]] continued to focus on growth in the [[e-commerce]] field, CASHU has grown in its own vision towards [[Cashless society|cashless societies]] and [[Financial inclusion|Financial Inclusion]] and started to move away from the vision of [[Souq.com|Souq]], especially that the regulations and compliance conditions for [[Electronic payment system|electronic payments]] in general and [[e-wallets]] in particular are still in the development stage in the region, so it was important for CASHU to leave [[Souq.com|Souq Group]].

⚫
Later in 2013, CASHU launched a new [[Payment gateway|online payment gateway]], '''PAYFORT'''.<ref>{{Cite web|title=How CashU Spinoff PayFort Is Trying to Improve Cash on Delivery|url=https://www.wamda.com/2013/08/cashu-spinoff-payfort-improving-payment-options|last=|first=|date=August 14, 2013|website=Wamda|language=en|url-status=live|archive-url=https://web.archive.org/web/20131025020329/http://www.wamda.com/2013/08/cashu-spinoff-payfort-improving-payment-options |archive-date=October 25, 2013 |access-date=}}</ref>

⚫
===The Management Buyout (2015 – present)===
⚫
In December 2015, CASHU Management purchased CASHU in the first [[Management buyout|Management Buyout]] deal in the [[Middle East]],<ref>{{Cite web|title=Souq.com Sells CashU|url=https://www.wamda.com/2015/12/souq-com-sells-cashu|last=|first=|date=December 28, 2015|website=Wamda|language=en|url-status=live|archive-url=https://web.archive.org/web/20160224102743/http://www.wamda.com/2015/12/souq-com-sells-cashu |archive-date=February 24, 2016 |access-date=}}</ref> consistent with most of the region’s central banks’ visions of developing a “[[cashless society]].”

== Regulation ==
⚫
After the [[management buyout]] was completed, CASHU started in 2016 with a major milestone by migrating its business to [[Singapore]] and got approved to operate as a '''[[Stored-value card|Stored Value]] Facility''' by the [[Monetary Authority of Singapore]]. All CASHU's merchants, vendors, and consumers were then required to maintain a full [[Know your customer|KYC (Know Your Customer)]] record that complies with [[Monetary Authority of Singapore|MAS]]’ rules and regulations, which was a major step towards regulating the core business of CASHU. To do so, CASHU has invested heavily in its Compliance and Risk platform and technology, introducing the [[Know your customer|KYC]] concept for the first time since its inception.<ref>{{Cite web|title=CashU Moves Regulated Business to Singapore|url=http://saudigazette.com.sa/article/149312/CASHU-moves-regulated-business-to-Singapore|last=|first=|date=February 23, 2016|website=Saudi Gazette|language=en|url-status=live|archive-url=https://web.archive.org/web/20200504205545/https://saudigazette.com.sa/article/149312/CASHU-moves-regulated-business-to-Singapore |archive-date=May 4, 2020 |access-date=}}</ref>


⚫
===Early years===
⚫
This has caused an immediate loss of business and irritation to the authorities of [[Saudi Arabia]], who didn’t feel comfortable sharing its citizen ID’s with a non-regulated entity. Accordingly, the [[Saudi Arabian Monetary Authority|Saudi Arabian Monetary Agency]] blocked CASHU [[website]] in [[Saudi Arabia]] on January 28, 2016.
⚫
In 2002, CashU was launched as an alternative [[online payment]] method for the use of [[credit card]]s.<ref>{{Cite web|title=Maktoob.com Unveils New e-Shopping Solution|url=https://www.arabianbusiness.com/maktoob-com-unveils-new-e-shopping-solution-139970.html|last=|first=|date=July 17, 2002|website=Arabian Business|language=en|url-status=live|archive-url=https://web.archive.org/web/20130415080516/http://www.arabianbusiness.com:80/maktoob-com-unveils-new-e-shopping-solution-139970.html |archive-date=April 15, 2013 |access-date=}}</ref>


The business grew quickly over the next few years with CashU providing payment services to its sister companies, online service company Maktoob and online commerce platform souq.com.
⚫
On October 1, 2016, CASHU partnered with [[Mastercard]] and [[Noor Bank]] in the [[United Arab Emirates]] to launch the first [[Credit card|prepaid]] virtual card in the region, which is approved by the [[Central Bank of the United Arab Emirates|Central Bank of the UAE]]. This product gave CASHU legal approval to operate in the [[United Arab Emirates|UAE]] as a [[Financial technology|FinTech]] Company in cooperation with [[Noor Bank]].<ref>{{Cite web|title=CashU, MasterCard and Noor Bank Launch the UAE's First Virtual Prepaid Card for Online Shopping|url=https://newsroom.mastercard.com/mea/press-releases/cashu-mastercard-and-noor-bank-launch-the-uaes-first-virtual-prepaid-card-for-online-shopping/|last=|first=|date=June 1, 2016|website=Mastercard|language=en|url-status=live|archive-url=https://web.archive.org/web/20160728133304/http://newsroom.mastercard.com:80/mea/press-releases/cashu-mastercard-and-noor-bank-launch-the-uaes-first-virtual-prepaid-card-for-online-shopping/ |archive-date=July 28, 2016 |access-date=}}</ref>


⚫
On August 25, 2009, [[Yahoo!]] acquired its sister company [[Maktoob]] in a deal that exceeded $85 million.<ref>{{Cite web|title=Confirmed: Yahoo Acquires Arab Internet Portal Maktoob|url=https://techcrunch.com/2009/08/25/confirmed-yahoo-acquires-arab-internet-portal-maktoob/|last=|first=|date=August 25, 2009|website=TechCrunch|language=en|access-date=}}</ref> According to the agreement between the two companies, the deal did not include the rest of Maktoob’s [[product (business)|product]]s, including Cashu, [[Souq.com]], Araby and Tahadi [[MMO game]]s, which became part of ''Jabbar Internet Group'' headed by Maktoob , lately [[Tiger Management]] as it was major shareholder.
⚫
Later on, [[Al Bilad Bank|Bank Albilad]] in [[Saudi Arabia]] announced on October 10, 2016, that it has entered into a strategic partnership with CASHU to develop innovative payment products and services in [[Saudi Arabia]]. The partnership with [[Al Bilad Bank|Bank Albilad]] allowed CASHU to recommence its operations in [[Saudi Arabia]] before the end of 2016 since it had met the requirements of the [[Saudi Arabian Monetary Authority]].<ref>{{Cite web|title=Bank Albilad, CashU Launch Partnership in Saudi Arabia to Boost Online Payments|url=https://thepaypers.com/online-payments/bank-albilad-cashu-launch-partnership-in-saudi-arabia-to-boost-online-payments--766465|last=|first=|date=October 10, 2016|website=The Paypers|language=en|url-status=live|archive-url=|archive-date=|access-date=}}</ref>


⚫
===Souq Group subsidiary (2012–2015)===
In October 2017, CASHU and [[Al Bilad Bank|Bank Albilad]] completed the compliance requirements of [[Saudi Arabian Monetary Authority|SAMA]] and received its approval to operate in [[Saudi Arabia|KSA]]. [[Al Bilad Bank|Bank Albilad]] issued a letter to CASHU allowing it to operate in [[Saudi Arabia|KSA]] accordingly.
⚫
In 2012, ''Naspers Limited'' took a stake alongside ''Jabbar Internet Group'' and ''[[Tiger Global]]'' in CashU and [[Souq.com]], and so it was listed under the umbrella of Souq Group, which included Souq.com, Sukar.com and Qexpress (a logistics and [[shipping company]]), as well as CashU.


⚫
While Souq Group continued to focus on the [[e-commerce]], CashU was growing towards [[Cashless society|cashless societies]] and servicing the [[underbanked]] and started to move away from the vision of Souq, especially as the regulations and compliance for [[Electronic payment system]]s and [[e-wallets]] in particular were still in development in the region. In 2012, this resulted in CashU leaving the Souq Group.
== Services ==
===The e-wallet===
This original model that is the umbrella of all the other services. It provides turn-key solutions to all consumers’ dreams when it comes to their [[Microfinance|micro-financial]] interactions. It is available for both adults and juniors with different rules and limitations.


⚫
Later in 2013, CashU launched a new [[Payment gateway|online payment gateway]], ''Payfort''.<ref>{{Cite web|title=How CashU Spinoff PayFort Is Trying to Improve Cash on Delivery|url=https://www.wamda.com/2013/08/cashu-spinoff-payfort-improving-payment-options|last=|first=|date=August 14, 2013|website=Wamda|language=en|url-status=live|archive-url=https://web.archive.org/web/20131025020329/http://www.wamda.com/2013/08/cashu-spinoff-payfort-improving-payment-options |archive-date=October 25, 2013 |access-date=}}</ref>
===Prepaid Virtual Card===
A [[Credit card|prepaid]] virtual [[Mastercard]] that allows consumers to shop at the entire [[Mastercard]] merchant network [[Online shopping|online]]. It is offered in partnership with [[Mastercard]] and reputable issuing [[bank]]s in the region.


⚫
=== Management buyout (2015) ===
===Debit Card===
⚫
In December 2015, CashU Management purchased the company in the first [[management buyout]] deal in the [[Middle East]].<ref>{{Cite web|title=Souq.com Sells CashU|url=https://www.wamda.com/2015/12/souq-com-sells-cashu|last=|first=|date=December 28, 2015|website=Wamda|language=en|url-status=live|archive-url=https://web.archive.org/web/20160224102743/http://www.wamda.com/2015/12/souq-com-sells-cashu |archive-date=February 24, 2016 |access-date=}}</ref>
A [[Mastercard]] [[debit card]] that is connected to the [[Digital wallet|e-wallet]] balance directly, which allows consumers to shop at the entire [[Mastercard]] merchant network and withdraw cash from [[Automated teller machine|ATMs]].


⚫
After the [[management buyout]] was completed in 2016, CashU migrated its business to Singapore and got approved to operate as a [[stored-value card]] facility by the [[Monetary Authority of Singapore]] (MAS). All CashU's merchants, vendors, and consumers were then required to maintain a full [[Know your customer|KYC (Know Your Customer)]] record that complied with MAS’ rules and regulations, which was a major step towards regulating the core business of CashU.<ref>{{Cite web|title=CashU Moves Regulated Business to Singapore|url=http://saudigazette.com.sa/article/149312/CASHU-moves-regulated-business-to-Singapore|last=|first=|date=February 23, 2016|website=Saudi Gazette|language=en|url-status=live|archive-url=https://web.archive.org/web/20200504205545/https://saudigazette.com.sa/article/149312/CASHU-moves-regulated-business-to-Singapore |archive-date=May 4, 2020 |access-date=}}</ref>
===Peer-to-Peer Transfer Between Wallets===
This allows consumers to [[Electronic funds transfer|send and receive]] credit through their [[Digital wallet|e-wallets]], including scheduled and recurring transfers.


⚫
This caused an immediate loss of business and irritation to the authorities of Saudi Arabia, who didn’t feel comfortable sharing its citizen ID’s with a non-regulated entity. Accordingly, the [[Saudi Arabian Monetary Authority]] blocked CashU's website in Saudi Arabia on January 28, 2016.
===Remittance with a Cash-Out Option===
This allows consumers to [[Electronic funds transfer|transfer money]] from their [[Digital wallet|e-wallets]] to anyone, even if they don’t have an [[Digital wallet|e-wallet]], with a cash-out option through Money Express Integration. Consumers can create and manage beneficiary accounts to which they frequently use to [[Electronic funds transfer|transfer]].


=== UAE and return to Saudi Arabia (2016-2017) ===
===Savings Program===
⚫
On October 1, 2016, CASHU partnered with [[Mastercard]] and [[Noor Bank]] in the United Arab Emirates to launch the first [[Credit card|prepaid]] virtual credit card in the region, which was approved by the [[Central Bank of the United Arab Emirates|Central Bank of the UAE]]. This product gave CashU legal approval to operate in the United Arab Emirates as a FinTech company in cooperation with Noor Bank.<ref>{{Cite web|title=CashU, MasterCard and Noor Bank Launch the UAE's First Virtual Prepaid Card for Online Shopping|url=https://newsroom.mastercard.com/mea/press-releases/cashu-mastercard-and-noor-bank-launch-the-uaes-first-virtual-prepaid-card-for-online-shopping/|last=|first=|date=June 1, 2016|website=Mastercard|language=en|url-status=live|archive-url=https://web.archive.org/web/20160728133304/http://newsroom.mastercard.com:80/mea/press-releases/cashu-mastercard-and-noor-bank-launch-the-uaes-first-virtual-prepaid-card-for-online-shopping/ |archive-date=July 28, 2016 |access-date=}}</ref>
The Savings Program enables consumers to buy deposit certificates with fixed due dates and specific amounts, which are locked up for a period of time (keeping their money inside their [[Digital wallet|e-wallets]]), after which they can start earning profit.


⚫
Later in October 2016, [[Al Bilad Bank]] in Saudi Arabia announced that it has entered into a strategic partnership with CashU to develop innovative payment products and services in Saudi Arabia. The partnership with Al Bilad Bank allowed CashU to recommence its operations in Saudi Arabia.<ref>{{Cite web|title=Bank Albilad, CashU Launch Partnership in Saudi Arabia to Boost Online Payments|url=https://thepaypers.com/online-payments/bank-albilad-cashu-launch-partnership-in-saudi-arabia-to-boost-online-payments--766465|last=|first=|date=October 10, 2016|website=The Paypers|language=en|access-date=}}</ref> In October 2017, CashU and Al Bilad Bank completed the compliance requirements of the ''Saudi Arabian Monetary Authority'' and received its approval to operate in Saudi Arabia again.
===Bill Presentment===
An aggregated hub for regional and global [[Bill presentment and payment|bill presentment]] network, which enables the [[Digital wallet|e-wallet]] holders to pay their bills remotely.


==References==
==References==
Line 73: Line 52:


== External links ==
== External links ==
*{{Webarchive|url=https://web.archive.org/web/20200504211026/https://web.archive.org/web/20190524072656/https://www.cashu.com/ |title=www.cashu.com |date=May 4, 2020 }}
* [https://www.cashu.com/ Official Website]
*[https://www.wamda.com/2015/12/souq-com-sells-cashu CASHU's Management Buyout]


[[Category:Payment service providers]]
[[Category:Payment service providers]]
[[Category:Maktoob]]
[[Category:Maktoob]]
[[Category:2002 establishments in Jordan]]
[[Category:Companies disestablished in 2018]]

Latest revision as of 12:35, 9 November 2024

CashU
Company typePrivate company
IndustryFinancial services
Founded2002; 22 years ago (2002) in Amman, Jordan
FoundersMaktoob
Defunct2018 (2018)
FateAcquired
Headquarters
Dubai
,
United Arab Emirates
Area served
Middle East and North Africa (MENA)

CashU is an Arabic fintech company providing a digital wallet and online payment services for customers in the Middle East and North Africa (MENA) region. The company was founded as a technology startup in July 2002 in association with online service company Maktoob in Amman, Jordan. It provided payment services for Maktoob online services. The company went through a number of rounds of investment from venture capital funds.

Prior to its demise, the company had over 3.2 million users and was headquartered in Dubai and had offices in Jordan and Egypt. It was legally registered in the British Virgin Islands (BVI) for some years until its registration was moved to Dubai.

History

[edit]

Early years

[edit]

In 2002, CashU was launched as an alternative online payment method for the use of credit cards.[1]

The business grew quickly over the next few years with CashU providing payment services to its sister companies, online service company Maktoob and online commerce platform souq.com.

On August 25, 2009, Yahoo! acquired its sister company Maktoob in a deal that exceeded $85 million.[2] According to the agreement between the two companies, the deal did not include the rest of Maktoob’s products, including Cashu, Souq.com, Araby and Tahadi MMO games, which became part of Jabbar Internet Group headed by Maktoob , lately Tiger Management as it was major shareholder.

Souq Group subsidiary (2012–2015)

[edit]

In 2012, Naspers Limited took a stake alongside Jabbar Internet Group and Tiger Global in CashU and Souq.com, and so it was listed under the umbrella of Souq Group, which included Souq.com, Sukar.com and Qexpress (a logistics and shipping company), as well as CashU.

While Souq Group continued to focus on the e-commerce, CashU was growing towards cashless societies and servicing the underbanked and started to move away from the vision of Souq, especially as the regulations and compliance for Electronic payment systems and e-wallets in particular were still in development in the region. In 2012, this resulted in CashU leaving the Souq Group.

Later in 2013, CashU launched a new online payment gateway, Payfort.[3]

Management buyout (2015)

[edit]

In December 2015, CashU Management purchased the company in the first management buyout deal in the Middle East.[4]

After the management buyout was completed in 2016, CashU migrated its business to Singapore and got approved to operate as a stored-value card facility by the Monetary Authority of Singapore (MAS). All CashU's merchants, vendors, and consumers were then required to maintain a full KYC (Know Your Customer) record that complied with MAS’ rules and regulations, which was a major step towards regulating the core business of CashU.[5]

This caused an immediate loss of business and irritation to the authorities of Saudi Arabia, who didn’t feel comfortable sharing its citizen ID’s with a non-regulated entity. Accordingly, the Saudi Arabian Monetary Authority blocked CashU's website in Saudi Arabia on January 28, 2016.

UAE and return to Saudi Arabia (2016-2017)

[edit]

On October 1, 2016, CASHU partnered with Mastercard and Noor Bank in the United Arab Emirates to launch the first prepaid virtual credit card in the region, which was approved by the Central Bank of the UAE. This product gave CashU legal approval to operate in the United Arab Emirates as a FinTech company in cooperation with Noor Bank.[6]

Later in October 2016, Al Bilad Bank in Saudi Arabia announced that it has entered into a strategic partnership with CashU to develop innovative payment products and services in Saudi Arabia. The partnership with Al Bilad Bank allowed CashU to recommence its operations in Saudi Arabia.[7] In October 2017, CashU and Al Bilad Bank completed the compliance requirements of the Saudi Arabian Monetary Authority and received its approval to operate in Saudi Arabia again.

References

[edit]
  1. ^ "Maktoob.com Unveils New e-Shopping Solution". Arabian Business. July 17, 2002. Archived from the original on April 15, 2013.
  2. ^ "Confirmed: Yahoo Acquires Arab Internet Portal Maktoob". TechCrunch. August 25, 2009.
  3. ^ "How CashU Spinoff PayFort Is Trying to Improve Cash on Delivery". Wamda. August 14, 2013. Archived from the original on October 25, 2013.
  4. ^ "Souq.com Sells CashU". Wamda. December 28, 2015. Archived from the original on February 24, 2016.
  5. ^ "CashU Moves Regulated Business to Singapore". Saudi Gazette. February 23, 2016. Archived from the original on May 4, 2020.
  6. ^ "CashU, MasterCard and Noor Bank Launch the UAE's First Virtual Prepaid Card for Online Shopping". Mastercard. June 1, 2016. Archived from the original on July 28, 2016.
  7. ^ "Bank Albilad, CashU Launch Partnership in Saudi Arabia to Boost Online Payments". The Paypers. October 10, 2016.
[edit]
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