UK cash machine operator Moneybox has raised £11.5 million in second-round funding and is considering a flotation in the next two years, according to a report in the FT.
The Financial Times report says the company, valued at £56 million after the latest cash raising, will use the funds to add more than 2400 cash machines or ATMs to its existing 1600 strong UK network. It also plans to open ATM networks in the Netherlands and Germany.
Moneybox is majority owned by Aim-traded business services group Ambient. When Moneybox was founded in 1999 Apax Partners, the private equity group, invested £3.5 million for a 35 per cent stake.
In the latest fundraising, Ambient will invest £6.25 million to retain a 62.8 per cent stake in Moneybox with new investor Sand Aire Private Equity putting in £3.5 million for a 6.25 per cent stake, writes the paper. Apax will invest £1.75 million to retain a 30.94 per cent stake.
Moneybox recently signed a joint venture with Dutch bank SNS Bank and plans to install 750 machines in the country.