Crypto-Friendly Neobanking Startup Cashaa Exits Unicas; Eyes India Expansion On Its Own

UK-based fiat and crypto neobank Cashaa has exited Unicas in India, a joint venture it set up with United Multistate Co-op Society almost two years ago. As part of the exit, the management of Unicas has acquired the share controlled by Cashaa representatives. 

The deal is a management buyout in which Unicas has bought the stake of Cashaa management.

Unicas is a physical cryptocurrency startup which delivers crypto-based solutions such as a crypto bank account, a crypto-based credit scheme, and a crypto exchange.

“The proposal was in the best interest of Cashaa, and it was decided that it would be even beneficial for both companies if Cashaa accepts a proposed buyout offer and exits from Unicas,” Anamaria Redianu, Cashaa’s board representative, said. 

Why Did Cashaa Decide To Part Ways?

According to Kumar Gaurav, founder and CEO of Cashaa, the crypto-friendly neobanking platform is planning to release Cashaa wallet in India. Cashaa does not think Unicas can play any strategic role in its expansion plans in India, said Gaurav.

Further, Cashaa wants to focus on building products and services dedicated to CAS tokens. CAS is the native coin of Cashaa platform which offers multiple functions, including speedy application processing, discounted set up fees, cheaper international wire cost, rebate in exchange, and transaction fees, among others.

On the other hand, Unicas wants to expand globally and go beyond the CAS ecosystem.

“Unicas has its own brand and management which was reporting to Cashaa, users will have no impact. Only…after this, Cashaa will have no responsibilities or benefit from the growth of Unicas,” Gaurav told Inc42.

Cashaa’s Heightened Focus On Europe, US, and India 

Cashaa wants to focus on Europe, the US, and India with its own brand for personal users. Recently, Cashaa holding company Crypto Innovations UAB received a European virtual assets license from Lithuania.

Cashaa will soon release its expansion plan for the Indian market. “The Indian market offers tremendous potential, especially after the recent clarity regarding cryptocurrency taxation and legal infrastructure,” Gaurav said.

How Will Unicas Operate?

Unicas has four branches fully operating in India, and the company aims to expand further. 

“We have decided to acquire our stake from Cashaa representatives in India to give a new direction to Unicas. After the recent reforms, the Indian market has a huge upside potential”, Sonal Kukreja, cofounder and CEO of Unicas, said.

In an earlier interview with Inc42, one of the company spokespersons said that the idea of establishing physical branches was derived from the banking industry.