Aircash Ltd.

History

Aircash was founded in 2015 in Zagreb, Croatia, by Hrvoje Ćosić, initially as a domestic digital wallet. In 2019, it became the first Croatian digital wallet to obtain an Electronic Money Institution (EMI) licence from the Croatian National Bank, enabling EU-wide passporting. The company upgraded its card program in 2021 by becoming a principal Mastercard issuer, allowing it to issue the Aircash Mastercard prepaid card directly. By 2024, Aircash surpassed 1 million active users and expanded its retail acceptance network to over 250,000 points across Europe.

Business Model

Aircash generates revenue primarily through transaction fees on wallet loads, peer-to-peer transfers, merchant payments, and ATM withdrawals. The platform also earns interchange fees from its prepaid Mastercard and charges businesses for integration and white-label payment solutions. In iGaming, Aircash provides a fast and anonymous deposit method that reduces chargeback risk for operators, while users pay minimal or no fees for deposits and withdrawals.

Core Products and Platforms

The Aircash Wallet is the central mobile app (iOS/Android) for managing funds, making payments, and transferring money. The Aircash Mastercard is a prepaid card linked to the wallet, usable at millions of merchants and ATMs worldwide, and supports Apple Pay and Google Pay. Aircash Vouchers are physical or digital vouchers purchased at retail partners, popular for anonymous iGaming deposits. The company also offers Aircash Business Solutions, a suite of API-based payment tools for merchants, online casinos, and utility providers, enabling digital cash acceptance and white-label wallet options. Additionally, the platform supports instant cross-border money transfers between Aircash users in multiple currencies.

Market Position and Competition

Aircash operates in the crowded European digital wallet and prepaid card market, competing with services like Skrill, Neteller, Paysafecard, and Revolut. Its niche strength lies in the combination of a regulated e-money licence, strong retail cash-loading network, and deep integration with iGaming operators. The company has a particularly strong presence in the Balkans and Central Europe, and its partnerships with global payment processors Nuvei and Paysafe help extend its reach into new markets.

Licensing and Regulation

Aircash is authorised as an Electronic Money Institution by the Croatian National Bank (CNB) under EU regulation, allowing it to operate across the European Economic Area via passporting. It also holds a Swiss licence, enabling services in Switzerland. The company complies with anti-money laundering (AML) and data protection requirements, and customer funds are safeguarded in accordance with EU e-money directives.

Notable Partnerships and Strategic Direction

Aircash has formed key partnerships with financial institutions and payment processors. In 2024, it partnered with Nuvei to accelerate international expansion and with Paysafe to enable cash-based money transfers. It also works with Privredna banka Zagreb (part of Intesa Sanpaolo group) as a banking partner. The company’s recent integrations with Apple Pay and Google Pay (2024) signal a push toward broader everyday payment usage beyond iGaming. Aircash continues to expand its retail network and digital services, targeting growth in Central and Eastern Europe.