FIXR is set to purchase the Oxford founded app Cashew – and end its peer-to-peer (P2P) payment service.
Students are encouraged to withdraw their funds immediately, as the service will cease on 6 November. Users will then have six months to withdraw any money remaining on the app.
Cashew had already refocused its activity away from P2P payment and towards student ticketing, a move that will likely be accelerated by FIXR – the UK’s fastest growing events platform.
Cashew, which launched last year, at one point boasted over 60% of Oxford students as users. It later expanded to several other UK universities. FIXR will be buying the Cashew app, along with its ball ticketing business and associated technology. They plan to focus exclusively on ticketing.
The cost of the purchase has not been disclosed. Cashew former co-founder Jamie Cox, a third year at St Hugh’s, denied the purchase was related to previous rumours of financial difficulty.
Speaking to Cherwell about the motivation behind the sale, Cox said: “Cashew has made the decision to sell because the app was already beginning to move towards the ticketing market which proved to be a more sustainable model.
“Rather than going head-to-head with FIXR, the Cashew Team decided that it would be best to work alongside them to build something which benefits everyone.”