7 Questions

7 Questions with Sven Donhuysen, CEO of cashcloud AG

1. Who are you?

We are cashcloud and in the last year and months, we have been able to create a solid base for a promising future with the development of a mobile payment system, which relies on stability, and security and where confidence in the company and the product is the highest priority.

Our management board set an ambitious goal to form cashcloud into a company where creativity and efficiency overcome the difficulties of a start-up. Since the creation of the company, the main focus has been on the development of the best possible product for our customers and partners.

Cashcloud released a unique mobile eWallet application including a mobile payment system for Apple iOS and Google Android. It is the first of its type and is already available in Germany, Spain, France and the Netherlands. The users are able to settle their payments in an easy, simple and mobile way.

 

2. Which products or services do you sell?

Cashcloud has a unique mobile eWallet application including a mobile payment system for Smartphones running Apple iOS and Google Android. It is the first of its type and is already available in Germany, Spain, France and the Netherlands. The users are able to settle their payments in an easy, simple and mobile way. The money transfer is done in real time and without cost for private users.

The company is also issuing its users with a cashcloud prepaid MasterCard® PayPass™ NFC sticker containing an NFC chip that will be linked to a virtual MasterCard® account. Once received, a consumer will be able to use it to make in-store payments at any merchant location accepting MasterCard® PayPass™ or online wherever MasterCard® is accepted.

Another innovative highlight are “cashcredits“, cashcloud’s own virtual currency. While being part of the cashcloud scheme, the user is able to collect cashcredits via Social Media interactions and swap them for real eMoney or use them to make payments.

To provide a secure service to the young user-base cashcloud offers a parent account. Parents open a cashcloud account for their youngsters and transfer pocket money to the electronic smartphone wallet. Thus, they have control over the account and the spending of their children.

The option “deals and offers” will be implemented soon and provides users personalized and localized coupons and vouchers direct to their smartphone.

 

3. Who are your competitors?


Our competitors are e.g. PayPal, Yapital, Paycash, Skrill and Click&Buy.

 

4. How did you get your start-up idea and how did you finance your start-up?


The idea was created by our COO Olaf Taupitz and myself after careful research and evaluation of the mobile payment market. Cashcloud is financed by private investors.

 

5. What were the biggest challenges in starting?


Mobile Payment is a fast growing market predicted to breakthrough in 2014; there are only a few players on the market, and cashcloud is one of them. Therefore no standards exist which allowed us to develop a completely new kind of mobile payment system with a global set up team.

While preparing ourselves for this challenge we needed to take into consideration the lack of awareness among clients and users regarding mobile payments. Despite all the development that we have done so far we have to be structured and transparent in our company communications so that we can grow side by side with our businesses partners and clients to provide the most comprehensive available information to avoid confusion or uncertainty.

 

6. What areas within FinTech do you personally find most interesting and why?


We see ourselves as an innovative company with a new technology that will change the payment market forever. Since FinTech brings together high-profile investors and innovative businesses from the finance sector, this is in particularly interesting for us.

 

7. What opportunities do you see for FinTech start-ups in the DACH region, and how can we help to accelerate it?

As a startup company in the financial sector we rely on opportunities to meet investors who understand this area. This is offered at the FinTech Forum Dach Event on the 9 of May 2014 in Frankfurt.