STRATEGIC PARTNERS
January 26, 2003
WASHINGTON -- ATM National, Inc., which plans to create a network providing customers of financial institutions with few or no ATMs surcharge-free access to ATMs owned by large deployers (see related story Building on the installed base), says that that it has received $750,000 in funding from several Washington D.C. and Baltimore-area investors.
Investors in this round of financing -- the company's third -- include Chesapeake Emerging Opportunities Club, LLC; Roche Capital, LLC; Broadgreen Equities, LLC and several other investors, according to a news release.
Terms of the investment were not disclosed. The company continues to seek additional investments with which to further expand customer acquisition programs and network operations.
The company in May said that it had executed letters of intent with financial institutions representing 2.4 million debit cards and ATM deployers representing 13,000 ATMs.
According to the latest release, ATM National's network will include 22,000 ATMs across the country, including more than 4,000 locations in the Mid-Atlantic.
Ben Psillas, president of ATM National, said in the release that the investment will allow his company to launch its network within 90 days.
Psillas said, "We look forward to working with our strategic partners and the financial institutions already under contract to bring ATM National to the entire marketplace. We believe this network will change the way many financial institutions think about the role an ATM network plays in enhancing its ability to attract and retain customers."
