Euronet and Prosegur Cash Launch Independent ATM Network in Peru and the Dominican Republic
Rhea-AI Summary
Euronet (NASDAQ: EEFT) and Prosegur Cash have launched their Independent ATM Network (IAD) in Peru and the Dominican Republic as part of their joint venture branded as LATM. The initiative is supported by local financial institutions Banco Alfin in Peru and Banco BHD in the Dominican Republic.
The joint venture will deploy state-of-the-art ATMs in strategic locations, particularly in areas frequented by international travelers. The ATMs will feature LATM branding along with respective bank brands in each country. The partnership combines Euronet's Ren payments platform and ATM management services with Prosegur Cash's operational services for cash management and hardware services.
Positive
- Geographic expansion into new Latin American markets through strategic joint venture
- Partnership with established local financial institutions enhances market penetration
- Potential for rapid growth through ATM As-a-Service offerings to banks
Negative
- None.
News Market Reaction – EEFT
In the trading session that priced this news, EEFT gained 2.84%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LEAWOOD, Kan. and MADRID, April 22, 2025 (GLOBE NEWSWIRE) -- Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and Prosegur Cash (Spanish SE: CASH), a global Cash-In-Transit company with strong leadership in Latin American markets, announced today the launch of their Independent ATM Network (IAD) in Peru and the Dominican Republic. The initiative is part of their joint venture agreement, branded as LATM (a combination of LATAM and ATM), to deploy independent ATMs across most countries of Latin America and provide comprehensive ATM As-a-Service solutions to banks and financial institutions in the region.
The initiative is sponsored by leading local financial institutions in both markets: Banco Alfin, recognized in Peru for its commitment to digitalization and technological innovation, and Banco BHD, the second-largest private bank in the Dominican Republic. The joint venture will provide state-of-the-art ATM solutions in key locations across both countries where cash is needed most, including popular destinations attracting international travelers. The ATMs will feature the distinct and well-recognized LATM branding, showcasing the combined strengths of the parties in providing financial services at scale. The BHD and Alfin brands will also be displayed on respective LATM ATMs in the Dominican Republic and Peru.
The joint venture leverages Euronet’s Ren payments platform and the company’s extensive portfolio of value-added ATM management services as well as Prosegur Cash’s customer-centric, on-the-ground operational services for cash management, end-to-end hardware services and facilities management.
“We are thrilled with the launch of our first markets with Independent ATM Networks in Latin America through our joint venture with Prosegur Cash,” said Nikos Fountas, Euronet EVP and CEO EFT Americas, Europe, Middle East and Africa. “This joint venture positions us for rapid growth in the region. We are confident that we will achieve a rapid pace of ATM deployment in these countries based on well-established local partnerships backed by our global processing centers. The deployment of our IAD in the region is also an excellent platform for providing ATM As-a-Service to banks and financial institutions.”
“The start of operations in Peru and the Dominican Republic represents the full and effective development of the agreement reached with Euronet and is a winning model which we will see soon in many more countries in the region,” said José Antonio Lasanta, CEO of Prosegur Cash, in welcoming the launch in the two countries.
About Prosegur Cash
Prosegur Cash is a company dedicated to cash logistics and cash management that covers the complete cash cycle. It employs around 45,000 people, in more than 31 countries, and in 2023, it obtained revenues of 1,861 million euros. Prosegur Cash is positioned as a global benchmark with a clear vocation for leadership. In addition, the company articulates its social commitment by working on ten of the seventeen Sustainable Development Goals of the United Nations in which it considers it can generate a positive impact.
Prosegur Cash is part of The Climate Pledge, an international alliance whose members have pledged to generate zero net carbon emissions by 2040. Prosegur Cash is listed on the Spanish stock exchanges under the symbol CASH.
For more information visit: www.prosegurcash.com
About Euronet
A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.
Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 55,248 installed ATMs, approximately 1,160,000 EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 777,000 point-of-sale terminals at approximately 362,000 retailer locations in 64 countries; and a global money transfer network of approximately 607,000 locations serving 197 countries and territories with digital connections to 4.1 billion bank accounts and 3.1 billion digital wallet accounts. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the company's website at www.euronetworldwide.com.
Euronet Contact Stephanie Taylor +1-913-327-4200 Prosegur Contact prensa@prosegur.es