• Contact
  • Feedback
Banking Day
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Stargroup acquires CashmyATM

06 June 2016 3:57PM
Stargroup has made another acquisition in its bid to become a substantial player on the ATM market. The company announced on Friday that it had acquired CashmyATM, which operates a network of 97 ATMs.Following completion of the deal next month Stargroup will have an ATM fleet of 365 machines. Over the past year it has built up its fleet through mergers with iCash Payment Systems and Cash Plus Australia. Stargroup said the group would process around 2.9 million transactions a year. The company upgraded its 2016/17 revenue forecast from A$9.3 million to $11.4 million.CashmyATM has been in business for the past seven years. Its chief executive Jason Warren will join Stargroup as national business development manager.Stargroup is paying $5.5 million for CashmyATM, with the consideration in the form of cash and Stargroup shares. Stargroup has made a $3 million private placement and a $3 million rights issue to fund the acquisition.The company is also moving into the point of sale terminal and merchant finance markets. Last November it signed a joint venture agreement with First Class Capital to market First Class's Retail Merchant Advance product, a cash advance. The cash advances are repaid from sales going through POS terminals. The amount of the advance is based on the historical average monthly credit and debit card sales going though the retailer's terminals.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use