Alpha Modus's Alpha Cash gets regulatory clearance in four more states

Alpha Modus Holdings, Inc. (NASDAQ: AMOD) announced that its Alpha Cash platform has received favorable regulatory feedback and non-objection determinations in Michigan, New Mexico, Vermont, and Nebraska for its check deposit functionality.

The approvals bring the total number of states where Alpha Cash has received regulatory clearance for check deposit to six, following earlier determinations in Pennsylvania and Kentucky. The combined footprint now covers more than 13 million households across the six states.

According to the company, applying FDIC 2023 national benchmarks, an estimated 2.4 million of those households are classified as unbanked or underbanked. The four newly added states — Michigan, New Mexico, Vermont, and Nebraska — are home to roughly 5.94 million households, of which an estimated 1.09 million are unbanked or underbanked.

Alpha Cash operates through Alpha Modus Financial Services, LLC, a subsidiary of Alpha Modus Holdings. The check deposit feature is one component of a broader mobile financial services platform.

"Every state we add runs through a similar compliance model to the one we built for the first one, and it keeps proving out," said Chris Chumas, Chief Strategy Officer of Alpha Modus Holdings. "What we have accomplished over the last few months and communicated in the last few weeks tell us that the foundation of our compliance strategy is solid and repeatable."

The company stated it intends to continue filing for regulatory authorization in additional states. The announcements are based on information provided in a company press release.

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