News

UK ATM deployer NoteMachine acquires IFX provider Eurochange

The acquisition extends the range of NoteMachine services to include not only cash, but also foreign exchange and international payments services.

November 7, 2014

NoteMachine Group Holdings, one of the major ATM operators in the United Kingdom and Germany, has announced its acquisition of Eurochange Ltd., a U.K. provider of specialist foreign currency and international payment solutions to retail and business customers.

NoteMachine operates a network of more than 7,500 ATMs across the United Kingdom and is one of the larger ATM operators in Germany. Approximately 20 million people each month use at least one NoteMachine ATM, according to the release.

According to a NoteMachine news release, the acquisition further extends the range of the company's transactional and payment services to retail, business and bank customers, enabling it to offer cash, foreign exchange and international payments services.

Peter McNamara, NoteMachine founder and CEO, issued a statement on the acquisition:

The strategic combination of Eurochange with NoteMachine enhances the abilities of our respective businesses to capitalize on the ongoing transformation of our industry by challenging the cost efficiency, performance and innovation of banks and other traditional providers of transactional services.

For Eurochange, the combination positions it to accelerate the growth of its branch network and extend the reach of its international payments business. For NoteMachine, the combination furthers our competitive strengths and our ability to service the growing transactional and payment service needs of retail, business and bank customers.

Eurochange provides travel currency, international payments and remittance services to retail and business customers. The 40-year-old company expects to handle more than 1.8 million customer transactions this year.

Massimo Gini, Chairman and founder of Eurochange said the sale of the company would allow him to pursue philanthropic interests:

I have decided it is now time for me to focus on my other passion, my charity – Sustain for Life. I leave Eurochange in the very capable hands of Peter McNamara and his team at NoteMachine and the existing Eurochange management team, who will look forward together to the very exciting future mapped out for the combined companies.

NoteMachine is majority owned by Corsair Capital, a private equity firm investing globally in the financial services industry.