Details

Last Funding Type

Pre-seed

Last Funding Money Raised

$132.70K

Industries

Android,Banking,Consumer Software,Digital Marketing,Financial Services,iOS,Peer to Peer,Point of Sale,Software,Virtual Currency

Founded date

Oct 1, 2013

Number Of Employee

1 - 10

Operating Status

Active

Legal Name

SPARE CS, Inc.

Also Known As

SPARE,SPARE. ,SPARE CS, INC

Spare is revolutionizing the cash management system with a unique mobile application. By converting retail locations into virtual ATMs, Spare provides a cost-efficient cash solution to over a million app users and more than 7,000 retail merchants.

Spare's solution addresses the high costs and accessibility issues associated with traditional ATMs. As of 2023, 3,207 active merchants contribute $5,000 monthly on average, resulting in over $16M in network cash availability. Our SaaS/Enterprise model, where merchants subscribe for an average of $49.99 per month, ensures a steady revenue stream, anticipating an increase from $1.92M in 2023 to over $3.84M by 2025.

Our growth strategy projects significant expansion over the next three years, with the total merchant base surpassing 22,000 and active participants reaching over 7,700. This growth translates into a total monthly network volume exceeding $38.5M. Our strategy includes partnering with banking institutions to extend their cash service reach without physical ATMs.

Led by experts in finance, technology, and business development, our team is committed to delivering innovative solutions, ensuring Spare's continued success. Spare's vision extends beyond providing a service; we aim to build an impactful and efficient financial ecosystem that adds value to our users, retail partners, and the broader community.