Cardpoint, a two year-old start-up which operates a network of 188 independent cash machines in the UK, has filed a prospectus for listing on the Alternative Investment Market at a placing price of 43 pence per share, valuing the company at £8 million.
The placing of £2.5 million, which is all new money, will be used by the company to activate a £3 - £5 million debt facility provided by the Bank of Scotland.
Cardpoint, which locates its ATMs at sites considered by banks as uneconomic, says it will commence the roll-out of a further 250 machines across the UK following commencement of AIM dealing on 10 June.
Cardpoint's announcement comes days after Moneybox, a UK rival running a network of 2000 machines, signalled its plans to expand into the German cash machine market.
Moneybox, which last year raised £14 million in second-round funding and is currently valued at £58.5 million, has already set up its first European outpost through a joint venture in the Netherlands with SNS Bank.