cashmallow

What cashmallow does

Cashmallow is a Hong Kong-headquartered, mobile-first fintech company founded in 2016 that provides cross-border currency exchange and overseas ATM cash withdrawal services to international travelers, with a secondary offering in small-amount overseas remittance. The company operates as a licensed Money Service Operator in Hong Kong (license 18-03-02352) and, through World Family Inc., as a registered Second Type Funds Transfer Operator in Japan (Kanto Finance Bureau No. 00048). It serves a stated base of over 500,000 users across 35+ countries spanning Asia, Europe, Oceania, North America, and the Middle East, with offices in Hong Kong, Seoul, and Tokyo.

The core product is the Cashmallow mobile app (iOS and Android), which enables users to exchange currency at a real-time Applied Exchange Rate, store the converted balance as E-Money in an in-app Traveler's Wallet, and then withdraw local currency cardlessly at partner ATMs abroad using OTP or QR code authentication. The company has built direct bilateral integrations with six regional ATM operators: Woori Bank (Korea), SEVEN BANK (Japan), Siam Commercial Bank (Thailand), RCBC (Philippines), NCR (USA), and AJ ATM (Indonesia). In addition to consumer FX and ATM withdrawal, Cashmallow offers an overseas remittance service for direct bank-to-bank transfers (with AUD corridor added in March 2025) and a separate Corporate Remittance Service tier for business customers. The app is available in English, Traditional Chinese, Japanese, and Korean.

Cashmallow generates revenue primarily through a commission charged on currency exchange transactions, which bundles the exchange spread, transfer fee, and pass-through fees from local business partners. ATM withdrawals at partner locations are marketed as zero-fee, with revenue captured on the FX spread rather than direct withdrawal fees; an HKD 35 handling fee applies on re-exchange refunds. The go-to-market is product-led, distributed via the iOS App Store and Google Play, supplemented by a community-driven Ambassador program and Instagram presence. As of the latest disclosure, the company suspended its core overseas remittance and foreign currency exchange services effective December 31, 2025 following the expiration of its DBS Bank partnership, and is in negotiations with alternative banking partners to resume operations.

Name

cashmallow

Legal name

Cashmallow Hong Kong Limited

Website

https://cashmallow.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Cashmallow is a Hong Kong-licensed mobile fintech that lets international travelers exchange currency in-app and withdraw local cash cardlessly at partner ATMs across 35+ countries, with a secondary remittance and corporate FX service. Revenue is generated via commissions on currency exchange transactions.

Ownership category

akta.pro rank

Product category

Cross-border remittance and currency exchange

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Finance Services (6199)

akta.pro primary industry

Cash Access & Cardless ATM Withdrawal Services (FSAMAOAJ)

akta.pro secondary industries

Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF), General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)

Keywords

• Currency exchange services
• Cross-border remittance
• Overseas ATM withdrawal
• Mobile fintech app
• Travel money solutions

Headquarters

HQ city

Causeway Bay

HQ country

Hong Kong SAR China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Currency Exchange Commission: The Company charges a Commission (certain amount of money) to Members for use of the Currency Exchange Service. Commission details are posted on the Cashmallow App or Cashmallow Homepage and kept up-to-date. The commission includes exchange fee, transfer fee, and fees charged by Local Business Partners.
2. Zero-Fee ATM Withdrawal: Service offering zero withdrawal fee at overseas ATMs, positioning as key differentiator. Revenue generated from currency exchange spread rather than direct withdrawal fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cashmallow is a mobile-first fintech platform that lets users exchange currency and withdraw foreign cash at overseas partner ATMs with zero withdrawal fee using OTP or QR code authentication, or send international remittances directly to bank accounts in supported countries. Users store converted foreign currency as E-Money in the in-app Traveler's Wallet and access funds cardlessly across 35+ countries through partner ATMs such as Woori Bank, SEVEN BANK, SCB, RCBC, NCR, and AJ ATM.

Product overview

Cashmallow is a unified mobile-first fintech platform providing two integrated core services: (1) a Local Withdrawal Exchange Service using an overseas remittance method — users exchange currency via the app, store E-Money in the in-app Traveler's Wallet, and withdraw cash cardlessly at partnered ATMs worldwide with zero withdrawal fees; and (2) an Overseas Remittance Service — users exchange currency and transfer funds directly to a beneficiary's bank account in supported countries. The platform supports 30+ countries across Asia, Europe, Oceania, America, and the Middle East, and offers a separate Corporate Remittance Service tier for business customers. The product is available in English, Traditional Chinese, Japanese, and Korean.

Differentiator

Problem solved

Functional benefit

Products and services

• Cashmallow Mobile App Mobile application (iOS and Android) that enables individual users to exchange currencies, withdraw foreign cash at overseas partner ATMs cardlessly via OTP/QR, and send international remittances to bank accounts in supported countries.
• Overseas ATM Withdrawal Service Service enabling users to exchange currency via the Cashmallow app and immediately withdraw the converted foreign currency from partner ATMs abroad (Woori Bank, SEVEN BANK, SCB, RCBC, NCR, AJ ATM) by entering an OTP or scanning a QR code, with zero withdrawal fees.
• Overseas Remittance Service International money transfer service allowing users to exchange currency and have funds transferred directly to a recipient's bank account in supported countries.
• Traveler's Wallet (E-Money Wallet) Digital wallet within the Cashmallow app that stores E-Money representing exchanged foreign currency, allowing users to withdraw at partner ATMs or request refunds before withdrawal; E-Ticket is valid for 365 days from the redemption date.
• Corporate Remittance Service Enterprise-tier overseas remittance service for corporate members (companies, partnerships, registered bodies), featuring designated corporate accounts, compliance obligations, periodic reviews, and separate transaction limit frameworks for business-purpose cross-border payments such as goods/services payments, supplier payments, and inter-company transfers.
• Australian Dollar (AUD) Remittance Service Newly launched Australian Dollar (AUD) remittance corridor that allows users to send remittances to and from Australia in addition to the existing supported countries.

Quantifiable outcome

• Over 500,000 users trust Cashmallow
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Woori BankcoreTechnology or IntegrationWoori Bank provides ATM network in South Korea for Cashmallow users to withdraw KRW. Users select 'OTHER PROVIDER' then 'Cashmallow' at Woori Bank ATMs, enter 8-digit User ID and 6-digit Authentication Number from the app to complete withdrawal.
• SEVEN BANKcoreTechnology or IntegrationSEVEN BANK provides ATM withdrawal services in Japan for Cashmallow users. Two methods available: OTP (enter company code, customer number, OTP) or QR code (scan QR, enter company number, confirm details).
• SCB (Siam Commercial Bank)coreTechnology or IntegrationSCB provides both ATM and CDM (Cash Deposit Machine) withdrawal services in Thailand. Users select 'SERVICE PROVIDER' then 'Cashmallow' at SCB ATMs or use QR code at CDM terminals.
• RCBC (Rizal Commercial Banking Corporation)coreTechnology or IntegrationRCBC provides QR code-based cash withdrawal services in the Philippines. Users select 'QR CASH WITHDRAWAL' at RCBC ATMs and scan the QR code from the Cashmallow app.
• NCR CorporationcoreTechnology or IntegrationNCR provides ATM withdrawal services in the USA. Users tap screen, select ReadyCode, enter Account Number and ReadyCode from app to withdraw cash at NCR ATMs.
• AJ ATMcoreTechnology or IntegrationAJ ATM provides cash withdrawal services in Indonesia. Users press ATM button, select English, enter Bank Code, Phone Number, and Withdrawal Code to complete transaction.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Wise: Wise (formerly TransferWise) is a global cross-border payments platform offering multi-currency accounts, currency exchange, and international transfers. It directly overlaps with Cashmallow's remittance and currency exchange services, and competes for the same international traveler and diaspora customer base.
• Revolut: Revolut provides a multi-currency digital wallet with overseas ATM withdrawal capabilities and interbank FX rates. It is a direct competitor to Cashmallow's cardless travel wallet, particularly across European and Asia-Pacific corridors.
• Remitly: Remitly is a digital remittance service focused on cross-border money transfers from high-income to emerging-market corridors. It is comparable to Cashmallow's overseas remittance service and shares a similar mobile-first, app-store distribution model.
• WorldRemit: WorldRemit enables digital international money transfers and mobile airtime top-ups across 130+ countries. It competes with Cashmallow's remittance product in similar Asian and emerging-market corridors.
• Travelex: Travelex is a global foreign currency exchange specialist with airport, online, and prepaid card services. It is comparable to Cashmallow as a dedicated currency exchange provider serving international travelers, though with a physical-retail and card-led model rather than cardless ATM.

Broad incumbents

• Western Union: Western Union is the largest global remittance network, offering cross-border money transfers and currency services. It competes broadly with Cashmallow's overseas remittance service but operates primarily an agent-based model at much greater scale.
• MoneyGram: MoneyGram provides international money transfers and bill payment services across 200+ countries. It is a broad incumbent in the same cross-border payments category as Cashmallow, particularly in Asian and Latin American corridors.

Emerging players

• CurrencyFair: CurrencyFair is a peer-to-peer currency exchange and international transfer platform. It is comparable to Cashmallow in the currency exchange value proposition but targets SMEs and individuals for recurring transfers rather than travel-driven ATM withdrawal.
• Payoneer: Payoneer provides cross-border payment solutions, multi-currency receiving accounts, and international transfers primarily for freelancers and SMBs. It is a partial peer to Cashmallow's currency exchange and remittance functions, especially in the corporate remittance segment.

Regional players

• DBS Bank: DBS is a major Singapore-headquartered bank that was Cashmallow's partner bank for overseas remittance rails until the partnership expired on December 31, 2025. It is a regional incumbent that supplies the underlying banking infrastructure fintechs like Cashmallow depend on, and could re-enter as a direct competitor in cross-border digital services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/cashmallow_hk
• LinkedInlinkedin.com/company/cashmallow

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about cashmallow