ATM provider Cash4All withdraws funding
Hotbed makes another investment backing the fee charging cashpoint company
ATM provider Cash4All has received £2.15m of funding from a network of over 40 backers led by investment network Hotbed.
Cash4All, set up by Kieron Abernethy in 2004, installs fee charging cash dispensers in independent convenience stores.
There are over 23,000 ATMs in the UK and fee charging machines make up around 72% of this market.
Abernethy, previously a director of Moneybox the UK’s first independent ATM provider, felt that the convenience store sector was an untapped market for his new company to break into.
“The convenience store sector is made up of more than 60,000 locations that do not currently operate an ATM,” Abernethy said.
“They are visited by high volumes of people with an obvious need for cash. Unlike pubs and clubs, these stores operate long opening hours with few closure days, increasing the availability of the ATM to the public.”
Abernethy founded the company with two other former Moneybox executives Jonathan Silver and James Bushby.
It uses a model known as the ‘self-fill placement’, where the site owner is responsible for keeping the ATM available to the customer, but takes no financial risk in the machine.
Andrew Neubauer, another former director of Moneybox and the man who founded G2 plc, is also amongst the investors in the funding round.
© Crimson Business Ltd. 2007