Cash deposit service CashtoCode has revealed Jens Bader, co-founder of MuchBetter, as its new CEO.
The addition of Bader is met with two new arrivals in Christian Machmeier (CTO) and Patrick Lebenbauer (DGM).
New recruitment will play an active role in continuing to grow CashtoCode; in 2020, the company experienced record growth.
Due to the closure of many businesses that accepted cash, people turned to companies like CashtoCode.
Therefore, in 2020 the company saw a revenue increase of 500% year-on-year. The firm was able to add 100 new merchants to its platform, which means CashtoCode has 150,000 retail locations across Europe.
Newly appointed CEO Bader said: “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.”