On Thursday, February 15th at 08.30 CET / 13.00 IST, Crunchfish publishes its year-end report for 2023. At 09.00 CET / 13.30 IST, a webinar about the report will be hosted on Zoom where Crunchfish CEO Joachim Samuelsson will be interviewed by chief analyst Martin Dominique from Västra Hamnen Corporate Finance.

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

A recording of this webinar will also be available afterward 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 was provided by the above for publication on 12th February 2024 at 13:00 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 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’s sales efforts have mainly been aimed towards India and the CBDC community. In Africa, mobile payments have become an integral part of the economy, but the lack of sufficient infrastructure and internet connectivity is a limiting factor. With offline payment support, the power of mobile payments in Africa can reach its full potential. A partnership has been entered with SaaS Expand to develop opportunities that this brings for Crunchfish Digital Cash.

Mobile payments have become an integral part of the African economy, with many businesses and individuals relying on it for day-to-day transactions. Mainly provided by mobile operators and supported by a network of licensed agents, mobile money services allow registered users to deposit cash into a digital wallet, and use those funds for payments and purchases, including peer-to-peer (P2P) payments. However, the lack of sufficient infrastructure and internet connectivity limits the potential and the use of these payment services. With Digital Cash and offline payment support, the power of mobile payments in Africa can reach its full potential.

To develop opportunities in Africa a partnership agreement has been entered with SaaS Expand. The founders of SaaS Expand Agency bring long experience from dealing with mobile operators in Africa. The company is set up to act as an agent for Crunchfish. Initial focus will be on the large mobile operators in Africa. Already a first NDA has been entered with a major operator group that are present across Africa. The partnership between Crunchfish and SaaS Expand also covers the rights for SaaS Expand to act as an agent in South America.  Opportunities in South America will be explored in a later phase, as Africa is the initial focus.

"At SaaS Expand, our mission is fueled by the transformative potential of technology in connecting cultures and enhancing personal safety and wellbeing. The integration of offline payments through Crunchfish Digital Cash is set to revolutionize financial accessibility in Africa and South America. This innovation promises to bring secure, inclusive financial services to even the most remote areas, significantly impacting the daily lives and empowerment of millions”, says Frederik Weisz, SaaS Expand’s Managing Director.

“Our extensive experience in these regions, ensures we have the insights and connections essential for the success of Digital Cash. We are enthusiastic about working together with Crunchfish. This collaboration isn’t just about technological advancement; it's about creating a more interconnected, financially inclusive world”, says Mark Philip Hellenberg, SaaS Expand's Executive Director.

“The founders of SaaS Expand bring a long history of doing business with mobile operators in Africa. Through their network we will get access to customers we haven’t been able to process before. We know that Crunchfish Digital Cash is highly relevant in the region, as lack of sufficient infrastructure and internet connectivity is common. All this adds up to a foundation for successful business together", says Joachim Samuelsson, Crunchfish’s CEO.

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 above for publication on 12th February 2024 at 08:30 CET.

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

About SaaS Expand Agency – saasexpand.com 

SaaS Expand Agency is a pioneering force in the global SaaS industry, specializing in bridging the gap between European SaaS innovations and emerging markets across Latin America, Africa, and the Middle East. With over 20 years of local market experience, our mission is to revolutionize the way technology enhances personal and community wellbeing in these regions. Headquartered in Copenhagen, Denmark, SaaS Expand Agency leverages its extensive network and deep market insights to facilitate the adoption of cutting-edge European software solutions, driving progress and connectivity in some of the world's most dynamic economies.

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 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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