Stargroup and Goldfields Money expand cash sharing deal to $30m (ASX:STL)

Company Name: Star Payment Systems

Announcement Date: 31/05/2017
Announcement Category: Contract/Partnership
Announcement Content:

A sure sign of a successful deal is when both parties hurry back to the table for more, which is precisely the case with leading ATM machine firm Stargroup and small tier bank, Goldfields Money.

The two companies struck a deal nine months ago in which Goldfields Money would place up to $15m of their excess cash into Stargroup’s ATM machines on commercial terms.

The deal was an opportunity for Goldfields Money to receive a better than normal return for their excess funds whilst Stargroup managed to greatly reduce the cost of money required for their ATM machine network.

Goldfields Money continued to own and ultimately retain control of the money whilst Stargroup have been paying a fee for its use in their ATM machines.

Announcement URL:
About Star Payment Systems:

Financial technology company Stargroup Limited is the only ASX listed company deploying ATM machines in Australia and importantly, the only listed ATM company having a direct ownership interest in the manufacturer of its ATM technologies, namely NeoICP, a South Korean private company.

Stargroup Limited became the exclusive distributor of the cashPod ATM range including the recycler ATM, back office and payment technologies in Australia for the next 5 years on 7 August 2015.

Stargroup Limited, via its wholly owned subsidiaries, StarPOS and StarApps, is also an EFTPOS and payWave technologies provider and developer of the source code in its terminals via its 5 year distribution agreement with West International AB, a Swedish NASDAQ listed company, to distribute next generation EFTPOS payment terminals and solutions in Australian and New Zealand.

Go to Company Profile for: Star Payment Systems

Announcement Contact: [email protected]

Leave a Reply