India: Payments firm EPS secures $25m in funding from UK’s Apis Growth Fund

Payment services provider Electronic Payments and Services (EPS) has raised $25 million in funding from UK-headquartered Apis Growth Fund, according to a report in The Economic Times.

The money will be used by the Mumbai-based firm to expand its existing network of ATMs and to fund future acquisitions.

Founded in 2011 by veterans from the banking, technology, retail, oil and gas industries, EPS specializes in the retail banking and technology domain and is highly adept at end-to-end ATM operations and outsourcing services.

The firm had deployed over 4200 ATMs in urban and rural locations, in union with the ministry of finance led mission for financial inclusion and Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme in India between 2012 – 2014, as per its website.

The firm is looking to install about 5,000-10,000 ATMs more in the next two years.

The firm raised over $5 million from Asia Participation BV, an affiliate of Netherlands-based entrepreneurial development bank FMO NV in December 2013. Prior to this, it also received Rs 53 crore from Aavishkaar Capital in two rounds.

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