Alpha Modus launches Alpha Cash fintech app targeting underbanked

Alpha Modus Holdings Inc. (NASDAQ: AMOD) announced the commercial launch of Alpha Cash, a mobile financial platform designed for underbanked and unbanked consumers. The app is now available in the Apple App Store and operates alongside physical kiosks in retail locations.

According to the company's press release, the platform targets a market that includes approximately 5.6 million unbanked U.S. households, based on FDIC 2023 data. The company cited Financial Health Network research indicating Americans spent an estimated $347 billion annually on fees and interest tied to legacy financial systems.

Alpha Cash currently offers in-person cash loading, peer-to-peer transfers, money remittance across 19 countries, prepaid debit card access, gift card purchases, and mobile top-up services. The company plans to add check deposit services with 1.5% fees, external bank account linking, and bill pay functionality.

"Alpha Cash is not a feature inside someone else's ecosystem. It is a standalone financial access platform designed from the ground up for consumers traditional banking systems overlooked, ignored, or priced out," said William Alessi, CEO of Alpha Modus.

The platform combines mobile banking with physical retail kiosks, which Alpha Modus describes as a "phygital" distribution model. Initial kiosks are deployed in Texas, with expansion planned through a pilot program with a national retailer. The company has identified more than 4,000 retail locations for potential future deployment.

Alpha Modus is offering free check deposits for qualified users through June 30, 2026, as part of an early user acquisition campaign. The company operates as a vertical AI company focused on retail shopper engagement and attribution through its subsidiary Alpha Modus Financial Services.

You May Also Be Interested In

• CleanSpark (NASDAQ: CLSK) spike attributed to vague unsourced unconfirmed chatter making rounds
• Crown Point Energy files prospectus for $30 million rights offering
• Battery X Metals closes first tranche of private placement for $600,000