Croatian Company Monestiq Develops ATMs for Small Businesses

Lauren Simmonds

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As Darko Bicak/Poslovni Dnevnik writes, with the innovation designed and created by the Croatian company Monestiq, which created the first franchise license for ATMs in all of Europe, everyone will be able to become an ATM owner should they so wish.

As explained by the Croatian company Monestiq, the activity that was previously reserved only for banks and other financial institutions thanks to their solution is now open to everyone: from those in the catering and hospitality industry and similar business owners to entrepreneurs interested in having stronger involvement in this domain of financial operation.

The price of the ATM itself is between eight and fifteen thousand euros, and the situation on the market where the owners of attractive spaces, mostly in tourist centres, could rent their facility out for an ATM and the price of a thousand euros a month shows that it is a profitable business and that many are interested in getting a slice of that proverial cake.

There is interest from the Hungarians and the Germans

Ivan Dusevic, the director of the Croatian company Monestiq, pointed out that this is a financial-technological solution that combines all of the necessary protocols and rights for processing transactions and connects ATMs with global card schemes such as Visa and MasterCard.

“This allows ATMs to do what they do: accept cards and pay out money. At the same time, it enables entrepreneurs to easily become owners of one or more ATMs and join an exclusive company of service providers in the financial industry,” explained Dusevic, who built his career in various international consulting companies and has now decided to use his knowledge to transform the financial sector here in Croatia.

He added that this year, Monestiq will start with the Croatian market, after which the company plans to expand across Europe. As no other similar possibility currently exists here on the Old Continent, the company said that they already have inquiries for franchise rights from both Hungary and Germany.

Their ultimate goal, as they pointed out, is to build the largest ATM franchise chain in all of Europe.

”In short, the Croatian company Monestiq serves as a link between small businesses and the titans of the financial industry such as Visa or MasterCard which are the basis of global payment transactions. We connect the owners of shops, stores or other business premises with complex card schemes and enable them to manage their own ATMs,” concluded Dusevic.

For more Croatian innovation, check out Made in Croatia.


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