Bancare

What Bancare does

Bancare, Inc. is a privately held, family-controlled provider of banking equipment, branch construction, and facility maintenance services headquartered in Arlington Heights, Illinois, and founded in 1972 by Joseph Cozzi. The company sells, installs, and services ATMs, Integrated Teller Machines (ITMs), Teller Cash Recyclers (TCRs), drive-up pneumatic tube systems, vaults and safes, security and alarm systems, and currency processing equipment, primarily to banks, credit unions, and other financial institutions across the Midwest, with operations in Illinois, Michigan, Ohio, and Wisconsin and a stated goal of nationwide project coverage. Its core technology stack is built around OEM partnerships with manufacturers such as Hyosung, Genmega, and Magner, augmented by Bancare's own eBranch eQuipment managed services program, which converts equipment procurement into a monthly branding-fee contract covering hardware, software, service, and regulatory compliance.

The company's business model combines transactional equipment sales, project-based construction revenue (ground-up branches, renovations, ADA upgrades, decommissioning), recurring managed services via the eBranch eQuipment program, 24/7 service and maintenance contracts, and a smaller e-commerce storefront for consumables such as ATM receipt paper, network decals, and antimicrobial carriers. Go-to-market is primarily enterprise field sales via dedicated account representatives, supplemented by direct online product sales and a referrals-driven reputation built over decades of category presence. The 2021 acquisition of SSTI (Service Security) extended its service territory and added alarm/security expertise in Illinois and Wisconsin, while the 2021 launch of eBranch eQuipment marked a strategic shift toward higher-quality recurring revenue and the introduction of Bitcoin ATM kiosks broadened the addressable product surface. Customer concentration sits primarily in community and regional financial institutions, with selected exposure to national banks, retail businesses (e.g., jewelry store vault installations), and medical facilities.

Name

Bancare

Legal name

Bancare, Inc.

Website

https://bancare.net

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

11–50 employees

Short description

Bancare is a privately held, family-controlled provider of banking equipment, branch construction, and facility maintenance services founded in 1972, serving banks, credit unions, and select retail and medical clients across the Midwest and expanding nationally.

Ownership category

akta.pro rank

Headquarters

HQ city

Arlington Heights

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Equipment Sales: Sale of banking equipment including ATMs, ITMs, TCRs, currency counters, drive-up systems, security systems, vault equipment, and supplies. Equipment sold directly to financial institutions with options for various configurations and specifications.
2. Construction Services: Full construction services including ground-up construction, renovations, remodeling, decommissioning, ADA upgrades, and facility maintenance for financial institutions and other industries.
3. eBranch eQuipment Managed Services: Monthly branding fee model where Bancare owns equipment and covers all hardware, software, service, and upgrade expenses. Fixed monthly fee does not fluctuate with hardware or software failures or regulatory changes. Includes transaction processing, monitoring, service calls, and compliance management.
4. Service and Maintenance: 24/7 service and maintenance for banking equipment including preventive maintenance, repairs, and emergency service. Ongoing training and certification for technicians keeps them current on technology.
5. E-commerce Product Sales: Online sales of ATM supplies including receipt paper, network decals, currency counters, currency authenticators, drive-up carriers, and germ shields through the Bancare online store.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Bancare sells, installs, and services banking equipment (ATMs, ITMs, TCRs, drive-up systems, vaults, security/alarm systems, currency counters) and provides construction and facility maintenance services for financial institution branches. Through its eBranch eQuipment managed services program, Bancare owns and maintains the equipment while clients pay a fixed monthly branding fee covering all hardware, software, service, and compliance upgrades.

Product overview

Bancare is a banking equipment, construction, and facility services company founded in 1972, operating as a single unified business with multiple integrated service lines rather than a platform-plus-modules architecture. The core product portfolio centers on branch automation equipment including ATMs (Hyosung), Integrated Teller Machines (ITMs), Teller Cash Recyclers (TCRs), drive-up pneumatic tube systems, security and alarm systems, vaults and safes, currency processing equipment (Magner currency counters and authenticators), and Bitcoin ATM kiosks. The eBranch eQuipment managed services program enables financial institutions to access this equipment without ownership, with Bancare covering all maintenance, software, and compliance. Supporting offerings include ATM receipt paper consumables, ATM network decals, antimicrobial drive-up carriers, and Germ Shield safety equipment. The company also provides construction services (ground-up, renovations, ADA upgrades) and facility maintenance as complementary service offerings. In 2021, Bancare acquired SSTI to expand its security and alarm capabilities in Illinois and Wisconsin markets.

Differentiator

Problem solved

Functional benefit

Brands

• eBranch eQuipment: Managed services program providing ATMs, ITMs, and TCRs without upfront expenses, where Bancare owns the equipment and covers hardware, software, service, and upgrade expenses for a monthly branding fee.

Products and services

• eBranch eQuipment Managed Services Program Outsourced equipment program where Bancare owns and maintains ATMs, ITMs, and TCRs. Financial institutions pay a monthly branding fee covering all hardware, software, service, repairs, and compliance upgrades with no upfront expenses or fluctuation for failures or regulatory changes.
• Teller Cash Recyclers (TCR) Equipment that secures cash transactions, reduces transaction time by 70-80%, eliminates teller drawer needs, reduces vault transaction times by 70-80%, and lowers average daily branch cash levels by over $50,000.
• Drive-up ITMs (Integrated Teller Machines) Integrated Teller Machines providing 24/7 teller services with cash recycling capabilities. Integrates with banking core and/or network for full account access, check cashing, and teller assistance during business hours.
• Cash Recycling Lobby ITMs Self-service Integrated Teller Machines with banking core or ATM processor integration. Supports check cashing, loan payments, and teller assistance options.
• Small Footprint Cash Recycling ATMs Compact ATMs capable of performing various transactions including cash deposits and withdrawals, balance inquiries, and account transfers. Upgradeable to ITM functionality for future expansion.
• Drive-up Systems Pneumatic tube drive-up systems with two-way audio and video capabilities. Options include Smart IQ monitoring for lane usage analytics and equipment health monitoring.
• Security and Alarm Systems Integrated security solutions including touchless alarm keypads with graphical interface, intrusion detection systems, video surveillance with AI analytics and cloud management, smoke and fire detection, and access control devices.
• Vaults and Safes TL-30 rated safes, under-counter equipment, custom vaults, safety deposit boxes (modular, custom, stainless steel), and teller security lockers in various sizes, shapes, finishes, and lock configurations.
• Coin Counters and Self-Service Coin Centers Coin processing equipment that sorts coins into 5 outlets and 1 reject drawer for foreign coins, tokens, and slugs. Self-service coin acceptor centers for lobby use.
• Drive-up Equipment Complete drive-up system solutions including pneumatic tube systems, carriers, video teller systems, ATM surrounds, toppers, and kiosks for walk-up and drive-up situations.
• Bitcoin ATM Bitcoin/cryptocurrency kiosks where Bancare owns equipment and handles all maintenance, software, compliance, and transaction processing. Financial institutions provide floor space and electrical outlet and receive income from surcharge and crypto transaction revenue.
• Construction Services Full construction services including office buildouts, ground-up construction, renovations, decommissioning, consolidations, remote ATM installations, ADA compliance upgrades, and parking lot work for financial institutions.
• Facility Maintenance Comprehensive facility maintenance including crack sealing, repaving, power washing, painting, plumbing, door repair, roof repair, electrical work, water heater installation, window replacement, cement and bollard repair, and decommission projects.

Quantifiable outcome

• TCR technology reduces transaction time by 70-80%
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• SSTI (Service Security)coreStrategic or Co-development Partner · 18 June 2021Bancare acquired SSTI (Service Security) in June 2021. SSTI President and CEO Gary Ainsworth continued with Bancare after the acquisition. SSTI brings expertise in alarm and security equipment, drive-up systems, service, and repair for the IL and WI markets. The acquisition expanded Bancare's service and equipment range in central Illinois, northern Illinois, and southern Wisconsin. All SSTI staff remained with the company after acquisition.
• HyosungcoreTechnology or IntegrationHyosung is a primary ATM equipment manufacturer whose products are sold and serviced by Bancare. Products include various ATM models (1500, 1800, 2700CE, Halo, Halo II, 5100T, 5600, 5600T, 7600D, 7600DR, 7600FFL, 7600I, 7600T, 7800D, 7800I, 7800T, 8100QTN, 8100T, MX8100, MX8800), receipt paper, and spare parts.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Loomis: Cash handling, cash-in-transit, and security solutions provider serving banks and retailers. Overlaps with Bancare in physical cash and security infrastructure for financial institutions.
• GardaWorld: Security services, cash services, and physical security solutions provider. Comparable to Bancare's security/alarm installation and services for bank branches.
• Hyosung TNS: Major ATM/ITM OEM and Bancare's primary equipment partner (Hyosung models are central to Bancare's offerings). Comparable as a broad incumbent with overlapping hardware and service capabilities in banking.
• Brink's: Global cash management, secure logistics, and security services provider for banks and retailers. Adjacent to Bancare's vault, cash recycling, and security system work for financial institutions.
• ADT Commercial: Commercial security systems integrator offering intrusion, video surveillance, and access control. Comparable to Bancare's security and alarm systems line for bank branches.
• Stanley Security: Commercial security systems installation, monitoring, and services provider. Comparable to Bancare's security and alarm systems offerings for financial-institution customers.

Direct peers

• NCR Atleos: ATM manufacturer and managed-services provider spun out of NCR, directly competing with Bancare in ATM/ITM hardware, software, and outsourced services for financial institutions. Highly comparable as both an OEM and a provider of ATM-as-a-service style offerings.
• Diebold Nixdorf: Global provider of ATMs, ITMs, and banking branch technology with installation and managed services for financial institutions. Competes with Bancare across both equipment and services in the banking vertical.
• Triton Systems: ATM hardware manufacturer serving retail and financial-institution customers in North America. Comparable to Bancare as a competing ATM equipment brand and service provider in the U.S. market.

Others

• Genmega: ATM and kiosk manufacturer that is one of Bancare's equipment partners (e.g., Genmega GT5000, Universal Kiosk for Bitcoin ATMs). Not a direct competitor in services but ecosystem-adjacent.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/bancare.net
• Instagraminstagram.com/bancare.inc
• LinkedInlinkedin.com/company/bancare

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bancare