STOCKHOLM, Sweden - Kontanten AB, which claims to be Sweden's oldest independent ATM deployer, announced that it has received additional venture capital to further its reach in Sweden and expand into other markets.
Kontanten, which operates a network of 130 ATMs, plans to deploy 300 additional ATMs during 2007. Before the end of 2009, the company expects to have 1,000 ATMs in operation. This will make Kontanten the largest supplier of ATMs in the Swedish market.
"I am very pleased to see the fast growth since we started," said Gunnar Jacobson, Kontanten's chief executive and co-founder. "With the new investment we can be even more aggressive in our expansion. We will also export our success concept to another country before the end of the year."
Kontanten expects to renew the Swedish ATM market, which has the lowest number of ATMs in Europe, by signing strategic contracts with Axfood, a Scandinavian grocer that has more than 300 stores in Sweden, and Reitan Servicehandel, which owns and operates convenience stores in Sweden. Kontanen plans to install between 150 and 200 ATMs at Axfood over the next four years. And it plans to install 225 additional ATMs in the shops operated by Reitan Servicehandel.
Kontanent also has signed deals with Statoil, the largest oil and gas company in Sweden.
