FreeATM, an advertising-driven surcharge-free ATM network, unveiled today its first phase of FreeATMs across New York City. With a focus on merging marketing with consumer commerce, FreeATM’s footprint in phase one will cover twenty-five (25) locations in three boroughs including Manhattan, Brooklyn & Queens.
“New York thrives on two things: coffee & cash. Both are the lifeblood of this city. However, in communities where consumers don’t have access to their bank, consumers are left with only one option, paying a fee at independently owned and operated ATMs. For the first time, consumers now have a surcharge-free option at these independent ATMs. Any customer from any bank can use our FreeATMs and save $1.00 to $3.00 by simply watching an advertisement from a targeted brand. We hope that our customers in turn, spend locally within their communities, strengthening our great city,” notes Co-Founder & CEO, Clinton Townsend.
With strong demand from retail stores across New York City, FreeATM has already enrolled a total of 55 locations in the weeks leading up to today’s announcement. The next phase of 30 locations will be available to consumers in December, 2014.
Brands and their agencies seeking to create awareness, call to action, and/or cause marketing campaigns are provided a unique set of attributes from which to target and engage specific audiences based on geographic location, venue type, day part, demographic, & socioeconomic status.
Alongside advertising content, consumers will stay informed while on the go about national and local news through a partnership with Metro.US, whereby content will be delivered to FreeATM’s toppers daily.
FreeATM is made possible through the support of forward thinking investors led by Ithaca-based, Cayuga Venture Fund (CVF), including: Mogility Capital, Kima Ventures, Cornell University’s BR Venture Fund, TJNS Capital and a select group of angel investors spanning private equity, asset management, and consulting.
“Cayuga Venture Fund is thrilled to back an offering that provides such unique value by disrupting the status quo,” says Ken Rother, Venture Partner at CVF. “FreeATM’s vision provides consumers with saving and digital advertisers with a new out home screen, all while providing ATM operators and location owners with a revenue stream backed by a service that consumers will embrace instead of the current negative feelings toward high fee ATMs.”
Core to FreeATM’s market strategy is filling the void of a true software platform that allows for seamless media planning, content management, and distribution to digital screens of ATMs and Toppers. As part of the initial launch, FreeATM has secured partnerships with three of the Tri-State area’s largest ATM operators who will integrate the company’s software and operate FreeATMs in New York City as part of the beta; each with existing portfolios ranging from 1,000 – 3,500 ATMs. The beta will run inNew York City for the first 250 ATMs before expanding regionally to Boston, Philadelphia and Washington D.C.