Crunchfish together with its Board of Directors have undertaken a strategic review of the business, resulting in a decision to explore a divestment of the Crunchfish Gesture Interaction subsidiary. The Board of Directors recognizes that it will achieve a better position for further growth in a new organizational setting. Simultaneously, Crunchfish will continue to build on the momentum and development of the Digital Cash business, as it is expected to have the strongest potential going forward.

Crunchfish and its Board of Directors have in a strategic review concluded that the company should remain focused on Digital Cash and the offline payment opportunities identified within this area, while working towards finding a new partner for Crunchfish Gesture Interaction to support continued development and commercialization of the technology.

Crunchfish has engaged EY Corporate Finance to find a buyer for Crunchfish Gesture Interaction business. Fredrik Clementson, CEO of Crunchfish Gesture Interaction, will focus on assisting EY in the M&A process, and has announced to leave the company in the second quarter of this year as a consequence of this plan. The divesture is expected to lower the company’s monthly operating expenses by approximately 25% when completed.

“The process of finding a new home for the Gesture Interaction business is now being launched together with our advisors, which will gradually allow us to shift all our attention towards developing the business of Digital Cash where we find numerous opportunities for our differentiating expertise and the best potential to create values going forward.”, says Göran Linder, Chairman of the Board of Crunchfish.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 09:30 CET on February 2, 2024.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish Digital Cash is pioneering offline payments with a secure and uniquely scalable solution for smartphones without any dependencies on device manufacturers or mobile operators. This new whitepaper outlines the challenges to implement offline payments on smartphones and how to mitigate the risks. 

In the dynamic landscape of mobile payments, offline payments for smartphones have gained traction. Offline payments allow users to conduct transactions without a real-time connection to a central server, offering convenience but also introducing unique challenges in terms of security and reliability.

How can a payment application add offline payment capabilities? What are the distinct risks of introducing these types of payments? And how can you build trust that enables secure and reliable offline payments? This whitepaper addresses these questions and proposes practical requirements for system operators considering an offline payment implementation.

The whitepaper is an independent continuation of the series “Enabling offline payments in an online world” with six whitepapers released in 2023 in partnership with Lipis Advisors and may be downloaded with the link above.

You can also find it attached to this communication.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com  

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish are listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Following this week’s announcement from the Reserve Bank of India regarding the Offline Retail Payments pilot that Crunchfish participated in together with HDFC Bank and IDFC First Bank, financial media remarked on the milestone.

The announcement made by the Reserve Bank of India (RBI) didn’t go unnoticed by financial media, especially in India. The most important media channels reported the milestone, and remarked on the fact that this opens the door to address regions with limited network capabilities, boosting digital payment adoption.

Media like Business World India, CNBC TV18 and Financial Express, among others, made echo of the announcement during the week. Also Swedish media spread the word of the announcement, through Nyheter24.

RBI Press Release pdf.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com  

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, e-commerce, and the automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and a subsidiary in India.

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The Reserve Bank of India has concluded the Offline Retail Payments pilot that Crunchfish participated in together with HDFC Bank and IDFC First Bank. The project has been successful, and the solution may now be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements.

Crunchfish in partnership with HDFC Bank and IDFC First Bank earlier during the year completed a joint project in the Reserve Bank of India (RBI) Regulatory Sandbox to demonstrate and pilot Offline Retail Payments. The pilot has been thoroughly evaluated and concluded by RBI. In an official statement from RBI dated December 11th, they state that the solution now may be considered for adoption by regulated entities subject to compliance with applicable regulatory requirements.

“India is the leading payment market in the world. This statement from RBI further strengthens Crunchfish Digital Cash as being highly relevant for the Indian market. It also supports our efforts with banks and payment services in India, as well as our dialogue with NPCI regarding UPI Lite X, the newly released framework for offline payments with UPI.", says Joachim Samuelsson, Crunchfish’s CEO.

The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

RBI Press Release pdf.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com  

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, e-commerce, and the automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and a subsidiary in India.

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Crunchfish AB (“Crunchfish”) Q3 webinar is now available, where Crunchfish CEO Joachim Samuelsson is interviewed by analyst Filip Stenberg from Västra Hamnen Corporate Finance.

The webinar about Crunchfish interim report for Q2 2023 is now available via the following link: Webinar Q3

Crunchfish interim report for Q2 2023 is available via the following link: Crunchfish Q3

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on 30 November 2023 at 18:10 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, e-commerce, and the automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and a subsidiary in India.

Today, Crunchfish AB (“Crunchfish”) publishes the company’s interim report for the third quarter and nine months of 2023. Below is a brief summary of the report.

The report is available as an attached document to this press release as well as through the company’s website.

Comment from CEO Joachim Samuelsson

“Crunchfish entered the quarter by signing our first commercial Digital Cash agreement with IDFC FIRST Bank in India. As a first implementation they decided to integrate Digital Cash telecom in their Digital Rupee app and it is now awaiting approval from the Reserve Bank of India (RBI) before release. This is a milestone, but the expected scale up has been delayed, at least in the short term, through the launch of UPI Lite X by National Payment Cooperation of India (NPCI). UPI Lite X adds offline payments to UPI and the Indian payment eco-system. A Non-Disclosure Agreement has been entered with NPCI to discuss how Digital Cash offline may complement NPCI products. This is exciting and an indication of Crunchfish Digital Cash unique strengths.”

At 09:00 CET/13:30 IST, a live webinar about the report will be hosted on Zoom where Crunchfish CEO Joachim Samuelsson will be interviewed by analyst Filip Stenberg from Västra Hamnen Corporate Finance.

In order to participate at this webinar, registration is done via the following link

A recording of this webinar will also be available afterwards on Crunchfish’s website as well as  Västra Hamnen Corporate Finance’s website.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is information that Crunchfish AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 30 November 2023 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, e-commerce, and the automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and a subsidiary in India.

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