SunCash
SunCash is a Bahamas-licensed mobile wallet and payment platform enabling individual consumers and merchants to conduct domestic and international money transfers, bill payments, mobile top-ups, and card transactions. The company serves approximately 94,000 active users across the Bahamas.
- Company typePrivate
- Founded2016
- HeadquartersNassau, Bahamas
- Headcount11–50
- GTM typeB2C
- OfferingServices
What SunCash does
SunCash (operating as Sun Island Transfers Limited) is a Bahamas-based mobile wallet and payment service provider targeting individual consumers and merchants in the Bahamas. The platform enables users to send and receive domestic and international money transfers, pay bills, load and withdraw cash, top up mobile airtime, request funds from other users, and make donations to charities and NGOs. SunCash distributes its services through a mobile app on iOS and Android, a USSD service for feature-phone users, branded stores and agents for cash-in/cash-out, and MasterCard/Visa-branded contactless debit and virtual prepaid cards. The company is licensed and regulated by the Central Bank of the Bahamas and the Securities Commission under the Money Transmission Business Regulations 2010 (certificate MTB-0012).
The core technology stack consists of a mobile wallet platform tied to the user's mobile number and a $Cash tag, with SSL-encrypted transactions, rule-based KYC and sanctions/PEP screening, and integration into the MasterCard/Visa network for global ATM and POS acceptance. The architecture is designed for low-bandwidth access (USSD) and cash-heavy markets (agent/store network), positioning SunCash as a full-service e-money provider rather than a payments-acceptance-only player.
SunCash's revenue model is predominantly transaction-based. Primary streams include tiered money transfer fees (5% on $1-$199, 4% on $200-$2,000, 3% above $2,000, VAT inclusive), card loading fees (1 BSD debit, 2%+0.5 BSD credit), merchant discount rates (positioned as the lowest in market), physical card issuance (10 BSD), and various administrative fees (10-25 BSD). Account opening is free with no monthly or annual fees, and a freemium virtual prepaid card drives onboarding. As of December 2025, the platform reports approximately 94,000 active digital wallet users. The company is privately held with no disclosed institutional investors or parent company.
SunCash firmographics
Firmographics- Name
- SunCash
- Legal name
- Sun Island Transfers Limited
- Website
- https://mysuncash.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- SunCash is a Bahamas-licensed mobile wallet and payment platform enabling individual consumers and merchants to conduct domestic and international money transfers, bill payments, mobile top-ups, and card transactions. The company serves approximately 94,000 active users across the Bahamas.
- Ownership category
- akta.pro rank
SunCash industry classification
Industry- Product category
- Mobile Payments
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Mobile Wallets (NFC Tap-to-Pay / HCE) (FSAMAEAB)
- akta.pro secondary industries
- Merchant / Closed-Loop Wallets (Retail & Marketplace) (FSAMAEAF), Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK)
Keywords
Where SunCash is headquartered
LocationHeadquarters
- HQ city
- Nassau
- HQ country
- Bahamas
Offices2 records
Markets served
SunCash business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Money Transfer Fees: SunCash charges percentage-based fees on sending funds: 5% for $1-$199, 4% for $200-$2,000, and 3% for amounts above $2,000 (all VAT Inclusive). This is the primary revenue stream from domestic and international remittance services.
- Card Loading Fees: Fees charged when loading funds onto SunCash accounts via debit or credit cards: 1 BSD for debit card loads, 2% + 0.5 BSD for credit card loads.
- Card Issuance: Revenue from issuing physical contactless debit cards (10 BSD cost) and free virtual prepaid cards (with potential upsell opportunities).
- Merchant Discount Rate: Merchants accepting SunCash payments pay a discount rate described as the lowest in the market, generating revenue from merchant transactions.
- Administration and Service Fees: Various administrative fees including 25 BSD for remittance refunds, 10 BSD administration fee, and other service charges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Account Opening - Free |
| Transaction based/ take rate | Pay-as-you-go | Debit Card Load - 1 BSD |
| Transaction based/ take rate | Pay-as-you-go | Credit Card Load - 2% + 0.5 BSD |
| Transaction based/ take rate | Pay-as-you-go | Money Transfer $1-$199 - 5% VAT Inclusive |
| Transaction based/ take rate | Pay-as-you-go | Money Transfer $200-$2,000 - 4% VAT Inclusive |
| Transaction based/ take rate | Pay-as-you-go | Money Transfer Above $2,000 - 3% |
| Transaction based/ take rate | Pay-as-you-go | Bank Transfer Withdrawal - 1 BSD |
| One time/ perpetual license | Pay-as-you-go | Contactless Debit Card - 10 BSD |
| Freemium | Pay-as-you-go | Virtual Prepaid Card - Free |
| Transaction based/ take rate | Pay-as-you-go | Remittance Refund - 25 BSD |
| Transaction based/ take rate | Pay-as-you-go | Administration Fee - 10 BSD |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels3 records
SunCash product offering
Product offeringCore offering
SunCash operates a regulated mobile wallet and money transmission platform that lets Bahamian consumers manage funds from a mobile number-based e-money account, send and receive domestic and international remittances, load and withdraw cash, pay bills, perform mobile top-ups, donate to charities, and pay merchants via contactless MasterCard/Visa debit or virtual prepaid cards. Merchant acceptance is delivered through POS system integration, and account access extends to non-smartphone users via USSD.
Product overview
SunCash is a digital wallet and mobile money platform headquartered in the Bahamas, offering a unified suite of financial payment and transfer services. The core offering is the SunCash Mobile Wallet, which operates alongside the SunCash Account (e-money account) and integrates with physical and virtual payment cards (SunCash MasterCard and Visa branded debit/prepaid cards). The platform also includes money transfer services (domestic and international), Pay Bills, Mobile Topup, Load Cash, Get Cash withdrawal, Request Cash, and Donations/Tithes modules. For merchants, SunCash offers a payment acceptance solution that integrates with existing POS systems. All services operate within a single flexible platform regulated by the Central Bank of the Bahamas and Securities Commission.
Differentiator
Problem solved
Functional benefit
Products and services
- SunCash Mobile Wallet A digital wallet tied to the user's mobile number (acting as account number) plus a $Cash tag, allowing Bahamian consumers to send and receive money, pay bills, perform mobile top-ups, load and withdraw cash, and donate to charities from a smartphone app or USSD interface.
- SunCash Account (E-money Account) A regulated e-money account opened via the SunCash website or mobile app that holds funds in Bahamian Dollars and underpins all wallet, card, and money transfer activity. Account tiers are based on the customer's verification status.
- SunCash MasterCard/Visa Debit Card A physical chip-and-PIN protected contactless debit card linked to the SunCash account, branded MasterCard or Visa, usable at ATMs and merchant POS terminals worldwide.
- SunCash Virtual Prepaid MasterCard/Visa Card A free virtual prepaid card accessible through the SunCash account for online transactions, with built-in card lock functionality, branded MasterCard or Visa.
- SunCash for Merchants A merchant payment acceptance solution that integrates with existing Point-of-Sale systems, allowing Bahamian retailers to accept SunCash mobile money payments at what the company describes as the lowest discount rate in the local market, while reducing cash handling costs and theft risk.
Quantifiable outcome
- 94,000 active digital wallet users
- +1 more outcomes
Companies that use SunCash
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
SunCash technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
SunCash partnerships and signals
Strategic signalScale indicators2 records
Recent moves6 records
Expansion highlights5 records
SunCash competitors and assessment
Company assessmentDirect peers
- Digicel (MyCash / Digicel Money): Caribbean telco-backed mobile money platform operating across multiple Caribbean and Central American markets with mobile wallets, agents, and merchant payments. Closely comparable to SunCash in product scope (wallet, transfers, bill pay) and customer base (unbanked Caribbean consumers), though at materially greater geographic scale.
- Remitly: Digital remittance fintech specializing in cross-border money transfers to emerging markets including the Caribbean. Comparable on the remittance revenue model and tiered fee structure, though without SunCash's domestic wallet and merchant scope.
- MonCash (Digicel Haiti): Haitian mobile money wallet run by Digicel, offering transfers, bill pay, and merchant payments to an underbanked population. Highly comparable product/segment fit (unbanked Caribbean, transfers, agents) though Haiti-specific market dynamics.
Broad incumbents
- Wise (formerly TransferWise): Cross-border money transfer and multi-currency account platform offering low-cost FX and international payments. Comparable on the international transfer value proposition and mid-market FX rate positioning, though without USSD or cash-agent distribution.
- PayPal: Global digital wallet and payments platform with P2P transfers, prepaid/mastercard debit cards, and merchant acceptance. Overlaps with SunCash on wallet, card, and merchant payment categories, but at global scale and with broader feature set.
- Western Union: Global money transfer and payments company with extensive Caribbean agent footprint for cash pick-up and digital remittances. Directly comparable on the remittance and cash-in/cash-out distribution model, though with a global rather than national wallet positioning.
- Cash App (Block, Inc.): US-leading mobile wallet and P2P payment app with debit card issuance and merchant/business payment features. Comparable core wallet functionality and fee structure, though operates at vastly greater scale and primarily in the US market.
Emerging players
- Payoneer: Cross-border payments and digital wallet platform serving freelancers, SMBs, and merchants with multi-currency accounts and card issuance. Partial overlap with SunCash on cross-border wallet and card products, though oriented toward digital-economy users rather than unbanked retail consumers.
Regional players
- National Commercial Bank (Jamaica) Mobile Money: Jamaica's largest commercial bank offering mobile wallet, card, and merchant payment services. Comparable in Caribbean market dynamics and product mix, but Jamaica-focused rather than Bahamas, and is a bank-led offering rather than a standalone fintech.
- bmobile (TSTT) Mobile Money: Trinidad-based telco mobile money service providing wallet, transfers, and bill pay in the southern Caribbean. Operates a similar telco-anchored model with feature-phone reach, comparable to SunCash's USSD-inclusive Bahamas approach, though in a different national market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
SunCash financial estimates
Financial estimateRevenue estimate
Valuation estimate
SunCash leadership team
Management profileNumber of profiles
SunCash funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SunCash M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SunCash
What does SunCash do?
SunCash operates a regulated mobile wallet and money transmission platform that lets Bahamian consumers manage funds from a mobile number-based e-money account, send and receive domestic and international remittances, load and withdraw cash, pay bills, perform mobile top-ups, donate to charities, and pay merchants via contactless MasterCard/Visa debit or virtual prepaid cards. Merchant acceptance is delivered through POS system integration, and account access extends to non-smartphone users via USSD.
Is SunCash a public or private company?
SunCash is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was SunCash founded?
SunCash was founded in 2016. It employs 11 to 50 people.
Where is SunCash based?
SunCash is headquartered in Nassau, Bahamas.
How does SunCash make money?
Five revenue lines are on record. Money Transfer Fees are the primary driver. The others are card Loading Fees, card Issuance, merchant Discount Rate and administration and Service Fees.
Who are SunCash's main competitors?
Direct peers on record are Digicel (MyCash / Digicel Money), Remitly and MonCash (Digicel Haiti). Broad incumbents are Wise (formerly TransferWise), PayPal, Western Union and Cash App (Block, Inc.). Payoneer is listed as an emerging player. Regional players are National Commercial Bank (Jamaica) Mobile Money and bmobile (TSTT) Mobile Money.
Does SunCash have an API?
No public API is recorded for SunCash.
What industry is SunCash in?
SunCash's product category is Mobile Payments. Its primary akta.pro industry code is FSAMAEAB, Mobile Wallets (NFC Tap-to-Pay / HCE), with a secondary code of FSAMAEAF, Merchant / Closed-Loop Wallets (Retail & Marketplace). Its NAICS code is 52232 and its SIC code is 6199.