News

Investors pour $17 million into Moneybox

December 9, 2001

LONDON - Moneybox, a London-based ISO, will get a cash injection of more than $17 million from parent company Ambient, Sand Aire Private Equity and Apax Partners Funds.

According to published reports, the cash will fuel the growth of Moneybox's network of 1,600 ATMs, and eventually position it for an expected public offering. Valuation of Moneybox, which operates the UK's largest independent network of convenience ATMs, is reported to be $84 million.

Ambient's $9 million gives it a 63 percent equity stake in the company, valued at nearly $53 million. Sand Aire will invest more than $5 million and Apax will invest $2.6 million.

Investment capital will be committed in two stages: more than $13 million immediately; followed by another $3.7 million upon the launch of Moneybox in Germany.

Plans are to build two networks: One will account for 4,000 ATMs in to be rolled out in Holland and Germany; and the second, known as Cashweb, will focus on the placement of less-expensive ATMs at lower-traffic sites.