With new funding from an equity sale, Encash expects to expand its network to cover more areas in the Philippines, the country’s first nonbank ATM deployer announced March 12.

Encash, which stands for Electronic Network Cash Tellers, said in the release that it sold 40% in company equity to two foreign investors, Rural Impulse Fund II S.A. and responsAbility Ventures I Services AG. The sale raised US$2.57 million, a spokesperson tells PaymentsSource.

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