ENCASH raises $2.56 million for rural ATMs in Philippines

March 7, 2012 Posted by Press Release, Unitus Capital

Electronic Network Cash Tellers, Inc. has raised USD 2.56mn equity capital from funds managed by Incofin Investment Management and responsAbility

Manila, March 6, 2012: Electronic Network Cash Tellers, Inc. (“ENCASH”), the first independent ATM distributor in the Philippines, headquartered in Manila, is pleased to announce that they have raised USD 2.56 million from Rural Impulse Fund II S.A., SICAV-SIF, a fund managed by Incofin Investment Management and from responsAbility Ventures I limited partnership for collective investments schemes, a fund managed by responsAbility Social Investments AG.

ENCASH is focused on deploying retail ATMs in rural areas, as well as outsourcing ATM processes and selling banking software to Philippine rural banks and cooperatives. With 337 ATMs installed as of 31 Jan’12, ENCASH has the largest Cooperative and Rural Bank network in the Philippines. It is also the fastest growing ATM network in the Philippines. ENCASH has partnered with 140 cooperative and rural banks to help them provide rural clients access to a range of financial services similar to commercial banks.

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