Funanga
Funanga operates CashtoCode, a cash payment API connecting online merchants — primarily iGaming operators — with 550,000+ retail POS locations across Europe, Africa, and Asia Pacific for fraud-free cash deposits.
- Company typePrivate
- Founded2013
- HeadquartersBerlin, Germany
- Headcount51–100
- GTM typeB2B
- OfferingSoftware
What Funanga does
Funanga AG is a Berlin- and London-based fintech founded in 2013 that operates CashtoCode, a cash payment API connecting online merchants with a network of 550,000+ retail point-of-sale locations across Europe, Africa, and Asia Pacific. Through the API, online merchants issue barcodes or digital vouchers that end users pay for in cash at retail partners (supermarkets, gas stations, newsagents, kiosks); the system is fully automated and uses a closed-loop mechanism that prevents code transfer and eliminates chargebacks and fraud. Funanga also offers an eVoucher product for instant online deposits and white-labels its B2B prepaid platform to partners such as MiFinity.
The company operates a two-sided B2B model: it earns transaction-based fees from online merchants (predominantly iGaming operators including Rootz, Pinnacle, NetBet, KKPoker, Luckbox, MiFinity, and Lottoland) for processing cash payments, while sharing economics with the POS aggregator partners (Paypoint, Payzone, epay, Payalat/ServPoint) whose retail terminals redeem the barcodes. Geographic expansion in 2021 added Nigeria (May), Ireland (May), and Australia (September), with stated pipeline into Latin America. Funanga is privately held, was backed early on by German Startups Group and HV Capital, and currently markets itself as open to strategic investment.
Headcount stands at 51–100 employees across offices in Berlin, London, and St Ives, led since March 2021 by CEO Jens Bader (ex-paysafecard CCO, MuchBetter co-founder), CTO Christian Machmeier (ex-Audi/Gameforge), and Director of Global Marketing Patrick Lebenbauer (ex-Tipico). The company reported 500% revenue growth and 100+ new merchant additions in 2020, though absolute revenue and post-2016 funding rounds are not disclosed.
Funanga firmographics
Firmographics- Name
- Funanga
- Legal name
- Funanga AG
- Website
- https://funanga.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Funanga operates CashtoCode, a cash payment API connecting online merchants — primarily iGaming operators — with 550,000+ retail POS locations across Europe, Africa, and Asia Pacific for fraud-free cash deposits.
- Ownership category
- akta.pro rank
Funanga industry classification
Industry- Product category
- Payment Processing
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Cash-to-Digital Networks (PayNearMe, Barcode/Cash-in) (MPAEALAF)
- akta.pro secondary industries
- Retail Cash Deposit & Smart Safe / Cash Recycling Solutions (FSAMAOAG), Cash-in/Cash-out Agent Network Wallets (FSAMAEAJ)
Keywords
Where Funanga is headquartered
LocationHeadquarters
- HQ city
- Berlin
- HQ country
- Germany
- HQ region
- Europe
Offices3 records
Markets served
Funanga business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Transaction/Payment Processing Fees: Funanga earns fees from merchants for processing cash payments through its POS network. The service enables online merchants to accept cash as a payment method, with Funanga taking a commission on each transaction.
- POS Partner Commission: POS partners (retailers, supermarkets, gas stations) earn attractive commission with every CashtoCode sale. Funanga generates revenue by sharing transaction economics with its distribution network.
- Voucher Sales: Funanga sells digital vouchers in its own name and for its own account through POS and payment partners. The company buys digital vouchers from merchants and sells them to end customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Merchant API Integration |
| Transaction based/ take rate | Pay-as-you-go | POS Partner Commission |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Funanga product offering
Product offeringCore offering
Funanga operates CashtoCode, a cash payment API service that enables online merchants to issue barcodes which customers redeem for cash payments at over 550,000 retail POS locations worldwide. The platform facilitates real-time, automated cash payment processing through a closed-loop barcode/voucher system, complemented by an eVoucher solution for instant online deposits and a consumer-facing mobile app for voucher redemption.
Product overview
Funanga operates as a unified product portfolio centered on its CashtoCode cash payment ecosystem. The core product, CashtoCode, is a cash payment API service that enables online merchants to issue cash barcodes redeemable at over 550,000 retail POS locations. This core platform is complemented by the CashtoCode eVoucher solution, which provides instant online deposit codes for markets where physical retail presence is limited. The CashtoCode end customer app serves as the consumer-facing mobile interface for voucher redemption. Together, these products form an integrated cash payment infrastructure connecting online merchants, retail POS partners, and end consumers across Europe, Africa, Australia, and other international markets.
Differentiator
Problem solved
Functional benefit
Brands
- CashtoCode: Cash payment API service that enables online merchants to issue cash barcodes for customers to pay at retail locations.
- eVoucher
Products and services
- CashtoCode A cash payment API service that enables online merchants to issue barcodes which customers redeem at retail POS locations for cash payments. The service connects online merchants with over 550,000 retail locations globally, providing real-time, automated cash payment processing with closed-loop security.
- CashtoCode eVoucher An instant online eVoucher payment solution that allows customers to purchase voucher codes online and redeem them with iGaming operators and merchants. Offers instant deposits via codes enabling global market coverage without traditional payment infrastructure.
- CashtoCode end customer app A mobile application operated by Funanga allowing users to redeem digital vouchers for online games and services. Users can register to access vouchers purchased from POS locations or directly from Funanga.
Quantifiable outcome
- 500% revenue growth in 2020
- +3 more outcomes
Companies that use Funanga
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles3 records
Funanga technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Funanga partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core.
- MiFinity (eVoucher White-Label)coreFunanga delivered a secure, fully compliant and localized global e-money eVoucher solution for MiFinity built on Funanga's B2B prepaid platform. The partnership was completed in under four weeks and enables MiFinity to offer eVouchers in multiple currencies across Europe, APAC, Africa, and the Americas.
- epay Australiacoreepay Australia, the largest private network of prepaid terminals in Australia with over 2,000+ retail locations (expanding to 11,000), enables CashtoCode cash deposits. Locations include BP, Shell, Coles, Woolworths, IGA, WHSmiths, and convenience stores.
- PinnaclecorePinnacle, one of the biggest names in igaming with success in esports betting, selected CashtoCode's instant eVoucher service for sports betting and esports customers worldwide. The partnership helps Pinnacle boost payment conversions in international markets.
- MiFinitycoreGlobal payments partnership enabling MiFinity eWallet users to make cash deposits at 150,000+ physical locations worldwide using CashtoCode's network. MiFinity also uses Funanga's B2B prepaid platform and CashtoCode eVoucher API to power its online eVoucher solution.
- Real Luck Group Ltd (Luckbox)coreReal Luck Group Ltd, award-winning provider of licensed real money esports betting, partnered with Funanga to leverage CashtoCode payment solutions. Players can make instant cash deposits at 150,000+ retail locations in Europe without providing bank or credit card details.
- Payzone IrelandcorePayzone Ireland, Ireland's biggest network of eloading services with over 3,500 retail agents, enables CashtoCode cash deposits at retail locations nationwide. Payzone processes mobile top-ups, payment services, Leap card, and bill payments. This partnership expanded CashtoCode into the Irish market.
- Globasure (Payalat/ServPoint)coreGlobasure operates Payalat Bill Payment Platform and ServPoint Agent Network across Nigeria. CashtoCode launched on these platforms enabling Nigerian customers to top up iGaming accounts via in-store cash deposits in Naira. Locations include corner shops, hotels, newsagents, and supermarkets.
- KKPokercoreKKPoker, a popular mobile poker app, partnered with CashtoCode enabling poker players to make instant deposits via CashtoCode's eVoucher solution. The partnership included a promotional offer where first depositors received bonuses worth $99.99.
- RootzcoreRootz, one of the world's fastest-growing iGaming operators, partnered with CashtoCode to offer cash deposits across all Rootz brands including Wildz, Caxino, and Wheelz. Cash deposits are available across 150,000 retail locations in Europe including Germany and Austria. Rootz serves as both a merchant customer and strategic partner for the iGaming vertical.
Scale indicators8 records
Recent moves9 records
Expansion highlights5 records
Funanga competitors and assessment
Company assessmentDirect peers
- PayNearMe: PayNearMe is the closest direct competitor to CashtoCode, offering cash-to-digital barcode and barcode/cash-in payment acceptance at retail locations primarily for online lenders, iGaming, and e-commerce merchants in the US. Both companies solve the same problem (enabling cash payments online) for very similar customer segments including iGaming operators.
- ecoPayz (Paysafe): ecoPayz provides an e-wallet with cash-in via retail voucher and barcode mechanisms, directly comparable to MiFinity's white-label integration with Funanga. Both target the same workflow of converting retail cash deposits into digital wallet balances for online use.
- Neosurf: Neosurf is a prepaid cash voucher solution enabling consumers to pay online using codes purchased at retail. It serves similar merchants and iGaming operators with comparable functionality to CashtoCode's eVoucher product, particularly across European markets.
- Paysafe (paysafecard): Paysafe owns paysafecard, a leading prepaid cash voucher network widely used for iGaming deposits across Europe — the same core use case Funanga targets. Paysafecard's established brand in iGaming and large retail footprint make it the dominant direct competitor for cash deposits at online gaming operators.
- Flexepin: Flexepin offers prepaid cash voucher payments redeemable online, with a similar merchant and iGaming customer base as Funanga. Its product overlaps closely with CashtoCode's eVoucher solution for online deposits and payments.
Emerging players
- Trustly: Trustly focuses on account-to-account open-banking payments — a different mechanism than cash-to-digital but addressing overlapping iGaming and e-commerce merchants seeking alternative non-card payment methods. It represents an emerging threat to cash-based rails in European iGaming as bank-based instant payments mature.
- MuchBetter: MuchBetter, co-founded by Funanga's CEO Jens Bader prior to Funanga, is a mobile payment app heavily used in iGaming with retail cash-in capabilities. As a former venture of the same executive team, it shares iGaming DNA and offers a partial overlap of use cases for cash-preferred online players.
Broad incumbents
- PayPoint: PayPoint is Funanga's UK distribution partner but also a major UK retail payments network in its own right, operating thousands of terminals handling bill payments, top-ups, and increasingly, cash-to-digital services. As an incumbent it competes with Funanga for the same retail-acceptance rails at a larger portfolio scale.
- Blackhawk Network: Blackhawk Network is a large global prepaid and gift card network with extensive retail distribution and B2B prepaid platform capabilities — comparable in scope to Funanga's white-label prepaid offering. As a much larger incumbent it competes for the same merchant and partnership opportunities across multiple geographies.
- InComm Payments: InComm Payments operates a global prepaid and gift card technology platform with retail distribution and white-label capabilities, overlapping with Funanga's CashtoCode and eVoucher product lines. Its broader product portfolio makes it a broad incumbent rather than a direct competitor in any single use case.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Funanga social profiles
Digital presenceFunanga financial estimates
Financial estimateRevenue estimate
Valuation estimate
Funanga leadership team
Management profileNumber of profiles
Profiles4 records
Funanga funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Funanga 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 Funanga
What does Funanga do?
Funanga operates CashtoCode, a cash payment API service that enables online merchants to issue barcodes which customers redeem for cash payments at over 550,000 retail POS locations worldwide. The platform facilitates real-time, automated cash payment processing through a closed-loop barcode/voucher system, complemented by an eVoucher solution for instant online deposits and a consumer-facing mobile app for voucher redemption.
Is Funanga a public or private company?
Funanga is a private company. It is classified as venture growth investor backed and is currently operating.
When was Funanga founded?
Funanga was founded in 2013. It employs 51 to 100 people.
Where is Funanga based?
Funanga is headquartered in Berlin, Germany, in the Europe region.
How does Funanga make money?
Three revenue lines are on record. Transaction/Payment Processing Fees are the primary driver. The others are POS Partner Commission and voucher Sales.
Who are Funanga's main competitors?
Direct peers on record are PayNearMe, ecoPayz (Paysafe), Neosurf, Paysafe (paysafecard) and Flexepin. Emerging players are Trustly and MuchBetter. Broad incumbents are PayPoint, Blackhawk Network and InComm Payments.
Does Funanga have an API?
Yes. Funanga offers the CashtoCode payment API service that enables online merchants to issue cash barcodes which customers redeem at retail POS locations. The API facilitates real-time, automated cash payment processing, connecting online merchants with over 550,000 retail locations globally. Additionally, the CashtoCode eVoucher API enables instant online deposits via codes that can be redeemed at iGaming operators and other merchants.
What industry is Funanga in?
Funanga's product category is Payment Processing. Its primary akta.pro industry code is MPAEALAF, Cash-to-Digital Networks (PayNearMe, Barcode/Cash-in), with a secondary code of FSAMAOAG, Retail Cash Deposit & Smart Safe / Cash Recycling Solutions. Its NAICS code is 52232 and its SIC code is 6199.