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Ever left a holiday party with a gift card you knew you would never use? Or maybe you have a stack of gift cards to Starbucks that could buy 100 lattes, but you really wish you could use that money to buy groceries for the month. Prepaid2Cash is a tech company in California that offers users a solution. They’re relocating to Birmingham, and we’ve got the scoop.
The Magic City is Granting Wishes for Startups
Birmingham has become a bustling hub for tech companies and startups alike in recent years. This past April, the city was named as one of America’s new tech hot spots. In addition, Birmingham programs and funds like Innovation Depot’s Velocity Accelerator Program and the Alabama Futures Fund (AFF) are investing in startups left and right.
Basic Problem, Tech Solution
One of the AFF’s most recent investments has been in Prepaid2Cash, currently based in San Francisco. Prepaid2Cash is a technological solution that allows customers to get cash for their prepaid cards. All you have to do is download the app and enter some basic info, scan your prepaid or gift card, and that money could be in your bank account in as little as 24 hours.
Why the Move?
Following an investment by the Alabama Futures Fund (AFF), Prepaid2Cash recently announced that they would be moving their headquarters across the country to Birmingham, AL.
The Alabama Futures Fund is a venture capital fund that invests in seed-stage startups with the goal of supporting economic development in Alabama. AFF leaders not only invest in startups, they also provide coaching for local entrepreneurs, including presenting at the EDPA’s Coffee and Collisions event.
CEO of Prepaid2Cash, Peter Vogt, said that one of his current investors introduced him to Matt Hottle and Mickey Millsap of the AFF. Vogt claimed that the AFF’s investment criteria for what size/stage of company they invest in was a perfect fit for where Prepaid2Cash was as a company.
Will Prepaid2Cash be Hiring?
CEO Peter Vogt said that one of the big draws for his business is accessing a local talent pool. Prepaid2Cash will begin making initial hires over the next few months in customer success roles, and they plan to add developing and marketing talent as they grow.
Prepaid2Cash doesn’t have a space selected for their headquarters quite yet, but Vogt reported that they have checked out a few of the co-working spaces in Birmingham.
Southern Hospitality has Startups Singing “Sweet Home, Alabama”
I asked Vogt what he was most looking forward to in regards to the move to Birmingham:
“To be honest, the whole Birmingham relocation piece was a little bit of a mystery to us when we first started talking to the AFF and realized this was getting serious. Nobody on our team had spent much time in the South, or even been to Alabama. Pretty much all we knew about Alabama was the love for football, that we saw on TV.
We came down for a “Birmingham Bound” trip as we progressed in the process with AFF, and were honestly blown away with what we found. I think cost is one piece of the equation, but really its about the community and resources available… having the support of so many people who wanted us here and were opening their arms and resources to us right out the gate was very welcoming.”Prepaid2Cash CEO