Crunchfish is excited to announce the rework of the Digital Cash section on its website to highlight the interoperable offline wallet and terminal infrastructure.

The updated Digital Cash section at Crunchfish website outlines the capabilities of offline wallets to initiate transactions and the role of offline terminals in accepting payments, ensuring that financial inclusion is accessible to all.

"We believe that enhancing our website to clearly communicate our offerings will empower potential customers and partners to better understand the transformative impact of our technology on the digital payment landscape. Our deep fintech solution generalizes the Internet, EMVCo card scheme, e-Wallets, and Ethereum smart contracts, all at the same time. That is indeed a groundbreaking innovation." said Joachim Samuelsson, CEO at Crunchfish.

Visit the updated Digital Cash section at crunchfish.com/digitalcash to discover how Crunchfish is leading the charge in the future of offline.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 21st May 2025 at 09:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a pioneering technology company specializing in Digital Cash solutions that enhance resilience, flexibility, and scalability in payment ecosystems. Crunchfish’s patented offline payment architecture supports modern commercial payment systems and evolving CBDC initiatives, transforming how payments are conducted globally. Headquartered in Malmö, Sweden, Crunchfish drives innovation to shape the future of payments.

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The report is available as an attached document to this press release as well as through the company’s website.

“This quarter represents a defining turnaround for Crunchfish as we position ourselves to deliver on the immense promise of offline payments in India and beyond. Our journey to the solution that will finally resonate in the market has not been without its challenges. However, as the saying goes, “third time’s the charm,” and after two previous attempts, we now have a breakthrough strategy that we are very optimistic will succeed and scale effectively.”, says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 21st May 2025 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a fintech company providing a Digital Cash solution enabling offline payments. The solution is designed for banks, payment services, and Central Bank Digital Currency (CBDC). Crunchfish Digital Cash augments payment systems by offering resilience in case of lost internet connections or server failures. The company, with headquarters in Malmö, Sweden and a subsidiary in India, is listed on Nasdaq First North Growth Market since 2016.

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Crunchfish Digital Cash (Crunchfish) is proud to announce a groundbreaking approach to offline payments with interoperable layer-2 Offline Wallets and an Offline Terminal Infrastructure (OTI) that present a modular and scalable architecture which redefines the roles within the payment ecosystem.

Offline payments are crucial for enabling financial resilience and inclusion in disconnected environments, such as rural areas, natural disaster zones, and low-connectivity markets. Crunchfish’s innovation introduces the Offline Terminal Infrastructure (OTI), revolutionizing how offline payments are implemented at scale, both for Central Bank Digital Currencies (CBDCs) and commercial payment systems. Crunchfish’s solution separates the roles of payment networks and payment service providers, allowing for flexibility, scalability, and healthy competition: 
 

– Payment Network Providers (e.g. NPCI, CBDCs) set the specifications and offer an interoperable offline terminal infrastructure, seamlessly embedded within payment rails to enable universal offline payment reception from third-party offline wallets. 
– Payment Service Providers (e.g. Banks and Third-Party Application Providers) innovate and manage interoperable user-centric offline wallets, empowering customers to make offline payments while fostering an open marketplace.

This modular approach provides scalable offline payment reception capabilities to millions of merchants while empowering issuers to offer differentiated offline wallet solutions to end users. 

 
Crunchfish’s architecture is based on the proven Reserve, Pay and Settle model, ensuring offline payments are resilient and seamlessly reconciled with online systems. This approach also shares foundational similarities with conditional payments—programmable or smart contract payments where funds are reserved, execution is conditional, and settlement occurs securely. 

Crunchfish’s OTI mirrors the successful card payment architecture developed under the EMVCo ecosystem, where card terminals ensure interoperability in payment reception while enabling issuer-level innovation. Similarly, OTI provides interoperable offline terminal infrastructure, allowing banks and TPAPs to compete by offering secure and customizable offline wallets.

Crunchfish’s solution is immediately applicable to CBDCs, ensuring cash-like usability for digital currencies in disconnected environments. Additionally, commercial systems such as UPI in India benefit from this scalable offline layer. 

Crunchfish holds key patents in offline payment solutions, including secure protocols for offline payments with online settlement. With a patent granted in the US and a Notice of Allowance in the EU, Crunchfish is positioned as a global leader in secure and scalable offline payment technologies. 

Crunchfish CEO Joachim Samuelsson commented: "Offline payments are essential for building resilient and inclusive payment ecosystems. Our Offline Terminal Infrastructure redefines how offline payment systems are structured, focusing on enabling interoperability within payment rails while empowering wallet issuers with the freedom to innovate. This approach unlocks the full potential of offline payments worldwide, from CBDCs to commercial systems."

Crunchfish will present its modular offline payment approach at the Digital Cash Conference, May 28-29, Bangkok, hosted by Currency Research. CEO Joachim Samuelsson will deliver a presentation titled "Rethinking Offline Payments – A Groundbreaking Ecosystem Approach," focusing on the modular architecture, shared Reserve-Pay-Settle model, and scaling offline payments for CBDCs and commercial systems.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 21st May 2025 at 00:01 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a pioneering technology company specializing in Digital Cash solutions that enhance resilience, flexibility, and scalability in payment ecosystems. Crunchfish’s patented offline payment architecture supports modern commercial payment systems and evolving CBDC initiatives, transforming how payments are conducted globally. Headquartered in Malmö, Sweden, Crunchfish drives innovation to shape the future of payments.

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On Wednesday, May 21st at 08.30 CET / 12.00 IST, Crunchfish publishes the Q1 report for 2025. A webinar will be held on May 21st and a luncheon on May 23rd, where Crunchfish CEO Joachim Samuelsson will discuss the report.

Webinar (In English)

Date and time: Wednesday May 21st at 09.00 CET / 13.30 IST

Click to register for the webinar

Crunchfish CEO Joachim Samuelsson will be interviewed by Chief Analyst Martin Dominique from Västra Hamnen Corporate Finance. During the webinar, the chat function will be active, and the participants will be able to ask questions regarding the report. In order to participate, registration is done via the above link.

Luncheon (In Swedish)

Date and time: Friday May 23rd At 12:00 – 13:00 CET

Click to participate

Meeting-ID: 382 668 283 033 5

Password: w6LW7Ha9

At the luncheon Crunchfish CEO Joachim Samuelsson will talk about the developments during Q1 and the news from the report. Joachim Samuelsson and Emerger's Johan Widmark will have an open discussion and looks forward to answering questions directly from the participants. No registration needed, participate via the above link.

Recordings of the webinar and luncheon will be available afterward on the Crunchfish’s website.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 20th May 2025 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a fintech company providing a Digital Cash solution enabling offline payments. The solution is designed for banks, payment services, and Central Bank Digital Currency (CBDC). Crunchfish Digital Cash augments payment systems by offering resilience in case of lost internet connections or server failures. The company, with headquarters in Malmö, Sweden and a subsidiary in India, is listed on Nasdaq First North Growth Market since 2016.

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In November 2024, Crunchfish AB (“Crunchfish” or the “Company”) conducted a rights issue of units, consisting of shares and warrants series TO 10 and TO 11. The exercise period for the issued warrants series TO 11 commences today, May 16, 2025, and runs up to and including May 30, 2025. One (1) warrant series TO 11 entitles the holder to subscribe for one (1) new share in Crunchfish. The subscription price per share that is subscribed for through exercising the warrants series TO 11 has, in accordance with the terms and conditions for the warrants, been set to SEK 0.63. If all warrants series TO 11 are exercised, Crunchfish will receive a maximum of approximately SEK 5.6 million before issuing costs.

Summary of instructions and important dates

Holders of warrants series TO 11 who wish to exercise these for subscription of shares shall give notice regarding such exercise well before May 30, 2025. Warrants that have not been exercised on or before May 30, 2025, expire without value. Holders who do not wish to exercise their warrants may sell them. Trading with warrants series TO 11 is ongoing up to and including May 27, 2025.

An information folder is available on the Company’s, Nordic Issuing’s and Västra Hamnen Corporate Finance’s respective websites (https://www.crunchfish.com/investors/equity-raises/ , http://www.nordic-issuing.se , http://www.vhcorp.se ).

Detailed information and instructions for subscription

Exercise price etc.

One (1) warrant series TO 11 entitles the holder to subscribe for one (1) new share in Crunchfish. The subscription price per share that is subscribed for through exercising the warrants has, in accordance with the terms and conditions for the warrants, been set to SEK 0.63. The subscription price has been defined as 70 percent of the volume-weighted average price for the Company’s share on Nasdaq First North during the period April 29 – May 12, 2025.

Exercise of nominee-registered warrants

Holders of warrants series TO 11 who have their holdings nominee-registered (holdings in securities custody services, investment savings accounts (ISK) or endowment insurances) must notify the exercise of warrants by contacting their respective nominee and follow the nominee’s instructions regarding subscription and payment. This should take place well before May 30, 2025, as different nominees have different processing times.

Exercise of directly registered warrants

Holders of warrants series TO 11 who have their holdings directly registered (holdings on a VP account) must notify the exercise of warrants by completing and submitting an application form for the exercise, so that the application form is received by the issuing agent, Nordic Issuing AB, no later than May 30, 2025. The application form is available on the Company’s, Nordic Issuing’s and Västra Hamnen Corporate Finance’s respective websites (https://www.crunchfish.com/investors/equity-raises/ , http://www.nordic-issuing.se , http://www.vhcorp.se ). Please note that payment for the new shares must be received by Nordic Issuing no later than May 30, 2025, in accordance with the instructions on the application form.

Trading in warrants series TO 11

Holders who do not wish to exercise their warrants series TO 11 may sell them on Nasdaq First North Growth Market. The warrants series TO 11 are traded up to and including May 27, 2025, under the short name CFISH TO11 with ISIN code SE0023114673. Warrants series TO 11 that are not exercised on May 30, 2025, at the latest, or sold on May 27, 2025, at the latest, will expire without value.

Outcome and delivery of new shares

The outcome of the exercise of warrants series TO 11 will be published via a press release on or around June 3, 2025. Shares that have been subscribed and paid for may be registered on the subscriber’s securities depository as interim shares (IA) until registration of the issue has been completed with the Swedish Companies Registration Office, whereupon the interim shares automatically will be converted into ordinary shares in Crunchfish.

Number of warrants, possible proceeds and dilution

The number of warrants series TO 11 amounts to 8,931,034. Upon full exercise of all warrants series TO 11, Crunchfish will receive approximately SEK 5.6 million before issuing costs. Upon full exercise of all warrants series TO 11, the number of shares in Crunchfish will increase with 8,931,034 shares, from 65,530,754 shares to 74,461,788 shares and the share capital will increase with SEK 410,827.564, from SEK 3,014,414.684 to SEK 3,425,242.248. This entails a dilution of approximately 12.0 percent based on the number of shares in Crunchfish after full exercise of all warrants series TO 11.

Financial advisor, issuing agent and legal advisor

Västra Hamnen Corporate Finance AB is financial advisor and Nordic Issuing AB acts as issuing agent to Crunchfish in connection with the exercise of warrants series TO 11. Setterwalls Advokatbyrå AB is legal advisor.

IMPORTANT INFORMATION

The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in Crunchfish. An offer to concerned persons to subscribe for units consisting of shares and warrants series TO 10 and TO 11 in Crunchfish has only been made through the EU growth prospectus that Crunchfish published on November 1, 2024.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

The information was provided by the contact person above for publication on 16th May 2025 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a fintech company providing a Digital Cash solution enabling offline payments. The solution is designed for banks, payment services, and Central Bank Digital Currency (CBDC). Crunchfish Digital Cash augments payment systems by offering resilience in case of lost internet connections or server failures. The company, with headquarters in Malmö, Sweden and a subsidiary in India, is listed on Nasdaq First North Growth Market since 2016.

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ECB’s innovation platform simulates the envisaged digital euro ecosystem, in which the ECB provides the technical support and infrastructure for European intermediaries to develop innovative digital payment features and services at European level. Crunchfish is one of almost 70 market participants – including merchants, fintech companies, start-ups, banks and other payment service providers – that have been selected to work with the ECB to explore digital euro payment functionalities and use cases.

Following a call for interest published in October 2024, the ECB received over 100 applications, who joined in one or both of the workstreams “pioneers” and “visionaries”. Crunchfish has joined as a pioneer and will demonstrate three offline payment use cases with online settlement as innovative implementations of digital euro conditional payments.

Pioneers will be exploring how to integrate the simulated digital euro interfaces with their platforms. The ECB is providing participants with technical support and specifications, such as an application programming interface, to conduct independent work on use cases of their choice. Pioneers will summarise their findings in a report, which the ECB will review thoroughly to inform its work on the digital euro project. Findings from both workstreams will be published by the ECB in a report to be published later this year.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 5th May 2025 at 12:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a fintech company providing a Digital Cash solution enabling offline payments. The solution is designed for banks, payment services, and Central Bank Digital Currency (CBDC). Crunchfish Digital Cash augments payment systems by offering resilience in case of lost internet connections or server failures. The company, with headquarters in Malmö, Sweden and a subsidiary in India, is listed on Nasdaq First North Growth Market since 2016.

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