Electronic Network Cash Tellers, Inc. has Raised USD 2.56mn Equity Capital from ...

Mar 2012
Manila, Philippines, March, 06 2012 - Electronic Network Cash Tellers, Inc. (“ENCASH”), the first independent ATM distributor in the Philippines, headquartered in Manila, is pleased to announce that they have raised USD 2.56 million from Rural Impulse Fund II S.A., SICAV-SIF, a fund managed by Incofin Investment Management and from responsAbility Ventures I limited partnership for collective investments schemes, a fund managed by responsAbility Social Investments AG.

ENCASH is focused on deploying retail ATMs in rural areas, as well as outsourcing ATM processes and selling banking software to Philippine rural banks and cooperatives.  With 337 ATMs installed as of 31 Jan’12, ENCASH has the largest Cooperative and Rural Bank network in the Philippines.  It is also the fastest growing ATM network in the Philippines.  ENCASH has partnered with 140 cooperative and rural banks to help them provide rural clients access to a range of financial services similar to commercial banks.

Commenting on the above transaction, Mr. Eric Severino, CEO of ENCASH said, “We are very pleased to partner with Incofin and responsAbility and appreciate the support and commitment shown by them in ENCASH.  The funds infused by the investors will enable us to expand and serve more rural Filipinos.”

Complimenting ENCASH on closing the equity transaction successfully, Sara Vermeir, Private Equity Manager, Incofin Investment Management, said, “We are very excited with our investment in ENCASH. We strongly believe that ENCASH, by placing ATMs in remote areas, improves access to financial services in the rural community. ENCASH is a young but very promising company. We will further support them along their growth path and will be taking a position in the Board of Directors.” 

“We are excited about the opportunity to help ENCASH scale its business and broaden its reach in providing access to finance for rural and underserved Filipinos,” said Anand Chandani, Regional Director, responsAbility Social Investments AG.

“Unitus Capital takes pride in having helped structure and facilitate the equity transactions for ENCASH, which has shown great leadership and innovation in pioneering the concept of independent ATM deployment for rural and cooperative banks in the Philippines and has enabled increased access to financial services for rural Filipinos” said Neha Mudaliar, Associate Vice President of Unitus Capital. “With the support of global social investment funds managed by Incofin and responsAbility – coupled with a strong leadership and management team and diversified product suit, ENCASH is now poised for exponential growth” said Kylie Charlton, Co-Founder and Managing Director of Unitus Capital.   Unitus Capital was the sole advisor for the transaction.

Source : Unitus Capital

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