Crypto Neobank Cashaa to Close Business Banking Unit

• ByStartupStory     |    April 30, 2024

London-based neobanking app Cashaa announced on Monday that it will be shutting down its business banking division, halting the opening of new US Dollar or Euro IBAN business banking accounts. This move comes as the company ceases operations related to these accounts by May 30, 2024. Cashaa had previously stopped accepting new businesses for its banking services earlier this year.

Cashaa clarified that this closure will not impact its other operations, including wallet services and lending facilities. The fintech startup, established in 2016, is now gearing up to launch an all-in-one wallet solution designed to facilitate buying, storing, spending, earning, and borrowing cryptocurrencies. A beta version of the wallet has been tested by over 3,000 users in the last six months.

The company aims to broaden its reach by launching in new markets outside Europe, enabling users to transact in cryptocurrencies with their local currencies. These markets include India, Turkey, UAE, Indonesia, Kenya, and South Africa, with the service slated to go live in June 2024.

In a press statement, Kumar Gaurav, the founder of Cashaa, expressed confidence in the growing adoption of cryptocurrencies in 2024, citing major institutional players like BlackRock and the anticipated approval of Bitcoin ETFs by the SEC. Gaurav remarked, “We believe the year 2024 is the year of mainstream adoption of crypto with the likes of BlackRock and many trillion-dollar institutions entering the space, especially post Bitcoin ETF approvals by the SEC. This will bring billions of new users who had never considered crypto as an asset class.”

Follow Startup Story