Mumbai-based Electronic Payment and Services Private Limited (EPS) has received an undisclosed amount of funding from UK-based investment firm Apis Partners. The company will take up minority stake and board representation in EPS.
The raised capital will be used to develop EPS’ existing business portfolio and to provide an omni-channel offering.
Founded in 2011 by Mani Mamallan, EPS, is a retail banking technology and Automated Teller Machine (ATM) service provider. The company’s services include end-to-end ATM operations, outsourcing & managing services for public, rural and cooperative banks across 28 states in India. EPS has deployed over 5000 ATMs for 26 banks including SBI, PNB, UCO Bank, etc.
Udayan Goyal, Apis co-founder & Managing Partner said, “ATMs represent vital last-mile financial services infrastructure for many in India, especially those living in rural areas, despite the high dependence on cash, there are currently only 15 ATMs per 100,000 adults in the country, far less than in other growth markets. The sector is growing rapidly thanks to the Indian Government’s recent emphasis on financial inclusion and high growth of card-holders as a result of the new Indian card scheme RuPay.”
Aavishkaar, FMO (Netherlands based developmental financial institution) and Aavishkaar GoodWell invested $20 Mn in the company’s first three rounds of funding.