AN AUTOMATED teller machine (ATM) provider has raised fresh capital from
selling shares to two foreign investors, according to a statement
released on Friday.
"ENCASH (Electronic Network Cash Tellers, Inc.)... is pleased to
announce that the company has raised equity capital from Rural Impulse
Fund II S.A., SICAV-SIF, a fund managed by Incofin Investment Management
and from responsAbility Ventures I Services AG, a fund managed by
responsAbility Social Investments AG for collective investments
schemes," the company said.
The capital infusion will allow Encash to expand its business.
In a phone interview on Friday, ENCASH President Eric J. Severino said
the two funds now own a total of "40% equity share" in the company.
According to Incofin's Web site, Incofin and responsAbility invested a
total of $2.56 million in ENCASH.
"We are pleased to partner with Incofin and responsAbility… The funds
infused by the investors will enable us to expand and serve more rural
Filipinos," Mr. Severino was quoted as saying in the statement.
For her part, Sara Vermeir, Incofin private equity manager, said in the
same statement: "We strongly believe that by placing ATMs (automated
teller machine) 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," she added.
Anand Chandani, responsAbility regional director, in the same statement
said: "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."
ENCASH deploys retail ATMS in rural areas with a total of 140
cooperative and rural banks as partners. It has 337 ATMs deployed
nationwide as of end-January.
Based on its Web site, Incofin is a fund manager with six funds
amounting to 300 million euros, or $445 million, that invests in
microfinance institutions (MFIs) in developing countries.
Incofin's Rural Impulse Fund II is a 120-million euro ($163 million)
fund set up in 2010 in a bid to alleviate poverty in rural areas by
investing in MFIs
responsAbility, meanwhile, is a social investments company with a total
of $1 billion assets under management, according to its Web site.
Established in 2003, the company focuses on microfinance financing,
small and medium enterprise financing, fair trade and independent media.
-- A. R. R. Gregorio
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