Cashew, an Oxford-based ticketing service, is to be acquired by UK events platform FIXR.
According to Cherwell, a student newspaper published by students of Oxford University, the service will discontinue today (Monday).
FIXR has revealed that it will end Cashew’s peer-to-peer (P2P) payment service, which the app was reportedly already doing as it moved towards student ticketing.
Since its launch in 2016, Cashew has had more than 60 per cent of the university’s students using the service. It has since expanded to several other UK universities.
FIXR is set to purchase the Cashew app, along with its ball ticketing business and associated technology. The events firm plans to focus exclusively on ticketing.
Financial details of the agreement were not disclosed, although co-founder Jamie Cox said that the sale was not related to financial difficulty.
Speaking to Cherwell, 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.”