News

IFC to invest $2 million in India-based ATM manufacturer Vortex

July 6, 2011

VC Circle reports that International Finance Corporation plans to invest up to $2 million in Chennai, India-based Vortex Engineering Pvt. Ltd for a minority stake.

Vortex manufactures and installs low-cost ATMs in rural and semi-urban areas across India. The funds from IFC will enable the company to grow its business by installing a large number of ATMs in rural areas that will help enhance basic banking services such as cash withdrawal and bill payment.

The ATMs developed by Vortex are powered by solar energy and require less energy to function than a conventional ATM.