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.

“The two funds have invested equally in the deal, each getting a 20% share in Encash,” he says. “The funds will enable us to expand and serve more rural Filipinos as we expand out network nationwide.”

The company deploys 337 ATMs, and the extra funding will help to expand the total by at least 100. The long-term goal is to breach the 1,000-ATM mark by 2017, he says.

“Once we reach the 500-ATM mark, we expect the expansion to grow organically on the fee income we generate,” he adds.

Encash serves many Philippine banks, helping them access the country’s rural regions by setting up ATMs in remote areas where they do not want to set up their own machines.

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