What Nokas does

Nokas Verdihåndtering AS is a Norwegian cash-handling operator founded in 2001 by Norges Bank and several Norwegian commercial banks through the merger of Nokas Kontantservice AS and Nokas Verditransport AS, and is today wholly owned by AVARN Security AS. The company provides nationwide value transport from Lindesnes to Hammerfest, ATM deployment and operation (nearly 1,000 Scandinavian ATMs including ~300 in Norway), self-service automated cash terminals (autoCash Drop, Multi and Retail), bank cash services (coreCash, autoCash Bank and ATM IAD outsourcing under SLAs), currency exchange (Nokas Valuta AS, Finanstilsynet-licensed since 22 March 2024), special transport for high-value goods, and electronic monitoring through subsidiaries such as Nokas Teknikk and Skan-kontroll. It operates across Norway, Denmark, Finland and Sweden, serves banks, private retailers and public entities, and self-describes as Norway's leading cash-handling supplier and the only bank-independent ATM operator in Norway. Revenue is generated through a mix of fixed monthly subscriptions on self-service terminals, SLA-based managed services for banks, per-transaction ATM interchange fees, usage-based value-transport contracts, and transaction-based currency exchange. The company launched a new vision in 2021-2022 to become a leading European payment provider bridging physical cash and digital payments, and is positioned to benefit from the 1 October 2024 Norwegian cash-acceptance obligation (kontantplikt) while facing long-term structural pressure from declining cash usage in the Nordics.

Name

Nokas

Legal name

Nokas Verdihåndtering AS

Website

http://www.nokas.no/

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Nokas Verdihåndtering AS is a Norwegian cash-handling operator wholly owned by AVARN Security AS that provides nationwide value transport, ATM operation (~1,000 Scandinavian ATMs), autoCash self-service terminals, bank cash services, FX exchange, and secure transport to banks, retailers and public entities across the Nordics.

Ownership category

akta.pro rank

Product category

Cash Handling Services

NAICS

Armored Car Services (561613)

SIC

Finance Services (6199)

akta.pro primary industry

ATM Deployers & Managed ATM Services (IAD/ISO) (FSAMAOAC)

akta.pro secondary industries

Cash Access & Cardless ATM Withdrawal Services (FSAMAOAJ), Unattended & Self-Service Payments (Kiosks, Vending, Parking, EV Charging) (FSAMADAE)

Keywords

• Cash handling services
• Value transport logistics
• ATM operations management
• Automated cash terminals
• Currency exchange services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Automated cash handling subscriptions (autoCash): Recurring monthly rental of self-service cash terminals at a fixed monthly price; Nokas owns, finances and insures cash in the machines and credits deposits next banking day, generating predictable recurring revenue per installation.
2. Bank cash services (coreCash, autoCash Bank, ATM IAD): Service fees for traditional cash supply, counting of night-safe deposits, early crediting, fee-charging on behalf of banks, full ATM outsourcing under SLAs, and bank-neutral ATM deployment; recurring contractual revenue from financial institutions.
3. ATM interchange/transaction fees: Revenue per ATM transaction: Nokas's retail customers benefit from 'provisjonsinntjening basert på bruk av minibankene' (commission income based on ATM usage), indicating a usage-based / transaction-based fee per withdrawal at the ~1,000 Scandinavian ATMs Nokas owns and operates.
4. Value transport and retail cash handling services: Contracted value transport from Lindesnes to Hammerfest, including night-safe pickup, deposit counting, and supply of Norwegian and foreign cash to retail and bank customers; charged per pickup/transaction, with documented fees for non-compliant deposits (e.g., NOK 25 fee per non-electronic night-safe bag from 1 January 2018).
5. Currency exchange and supply (Nokas Valuta): Sale of foreign currency (including five major currencies) and foreign exchange services to banks, retail and consumers, with the currency business legally separated into subsidiary Nokas Valuta AS effective 22 March 2024 under license from Finanstilsynet.
6. Special transport (high-value goods): Bespoke secure transport for valuables such as gems, art, gold, securities, medicines and backup media under established procedures including marking, tracking, surveillance and continuous guarding until delivery; charged per assignment.

Pricing tiers

Go-to-market motion3 records

Core offering

Nokas provides end-to-end cash handling services to banks, private retailers and public entities across Scandinavia, including nationwide value transport, deposit counting and night-safe pickup, self-service automated cash terminals (autoCash Drop/Multi/Retail), full ATM operation and outsourcing under SLAs, multi-currency cash supply and foreign exchange (Nokas Valuta), and special secure transport of high-value goods. The company also operates a bank-independent ATM network of nearly 1,000 machines across Scandinavia (~300 in Norway) that dispenses NOK, SEK, DKK, EUR, USD and GBP.

Differentiator

Problem solved

Functional benefit

Brands

• autoCash: Family of self-service cash-handling automation products for retail, including autoCash Drop, autoCash Multi and autoCash Retail.
• coreCash
• autoCash Bank
• Nokas Valuta

Products and services

• autoCash Drop / autoCash Multi / autoCash Retail Family of self-service cash terminals for retail and SMB customers that accept end-of-day settlements and dispense change; Nokas owns, finances and insures the cash held in the machines, allowing customers to deposit and withdraw on demand with next-day crediting.
• coreCash (Cash services for bank) Bank cash-handling service line for traditional cash supply, counting of night-safe deposits, early crediting, fee-charging on behalf of banks, and value-added cash services under SLA-based contracts with financial institutions.
• autoCash Bank (full ATM outsourcing) Bank-oriented product under the autoCash family providing total operation of bank cash-recycling and self-service machines under an SLA, with continuous reporting to the bank customer.
• Minibank (Nokas ATM network) Bank-independent ATM network of nearly 1,000 machines across Scandinavia dispensing NOK, SEK, DKK, EUR, USD and GBP, monitored 24/7 by a centralized operations center and offering 'provisjonsinntjening basert på bruk av minibankene' (commission income based on ATM usage).
• Verditransport (Value transport and cash pickup) Nationwide value transport service covering Lindesnes to Hammerfest, including night-safe pickup, deposit counting, and supply of Norwegian and foreign cash to retail and bank customers.
• Levering av veksel (Change delivery) Supply of Norwegian and foreign cash change (veksel) to retail and bank customers as part of Nokas's value transport and cash handling service.
• Nokas Valuta (Currency exchange) Sale of foreign currency and foreign exchange services to banks, retailers and consumers via Finanstilsynet-licensed Nokas Valuta AS, with multi-currency availability (NOK, SEK, DKK, EUR, USD, GBP) at Nokas ATMs.
• Spesialtransport (Special transport of high-value goods) Bespoke secure transport for high-value goods such as gems, art, gold, securities, medicines and backup media, with marking, tracking, surveillance and continuous guarding until delivery.

Quantifiable outcome

• Operates nearly 1,000 ATMs across Scandinavia (~300 in Norway), making it the only bank-independent ATM operator and the second-largest by deployed ATMs.
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Three partnerships are on record, tiered core and flagship.

• Fujitsu / Visma ExsocoreTechnology or IntegrationTechnology partnership for first- and second-line service on cash machines / ATMs operated by Nokas for bank customers. Together with Diebold Nixdorf AS, Fujitsu/Visma Exso is referenced as Nokas's partner for technical ATM service nationwide.
• Diebold Nixdorf AScoreTechnology or IntegrationTechnology partnership for first- and second-line service on all ATM types (minibanker, innskuddsautomater, resirkuleringsautomater) under agreed fix-times, supporting Nokas's nationwide technical footprint for bank customers.
• Norges BankflagshipStrategic or Co-development PartnerFounding shareholder of Nokas Kontantservice AS (where Norges Bank was majority owner prior to the merger forming Nokas Verdihåndtering AS) and long-standing customer. Nokas has been a supplier to Norges Bank since 2001 and handles production related to Norges Bank's cash distribution.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• GardaWorld: Canadian-listed global security, cash services and risk management firm with a substantial cash-in-transit business in Europe. Comparable to Nokas on cash logistics, ATM support and secure transport, particularly as it has expanded its European footprint.
• G4S (Allied Universal): Global security and cash services group (now part of Allied Universal) with significant cash-in-transit and ATM operations across Europe. Overlaps with Nokas on secure transport of cash and valuables, but at much larger international scale.
• Brink's Incorporated: Global cash management, secure logistics and ATM services provider operating across more than 100 countries. Overlaps with Nokas on cash-in-transit, ATM managed services and secure transport, but at much greater scale and broader geographic footprint.
• Securitas AB: Swedish-listed global security services leader with adjacent guarding, cash-handling and electronic surveillance services. Comparable to Nokas on the security and guarding elements of value transport and special transport offerings, and to Nokas's parent AVARN Security's competitive set.
• Prosegur Cash: Spanish-listed cash handling, ATM and value-added services group with strong Latin American and European presence. Directly comparable to Nokas on cash-in-transit, ATM outsourcing and cash processing services to financial institutions and retailers.

Direct peers

• Euronet Worldwide: US-listed operator of independent ATMs (IAD) and payments processing network with global ATM deployments. Comparable to Nokas's bank-neutral IAD business model of operating ATMs not owned by a financial institution, sharing the recurring transaction-fee revenue model.
• NCR Atleos: ATM-as-a-Service and independent ATM deployer (formerly Cardtronics) spun out of NCR. Directly comparable to Nokas on outsourced ATM management, bank ATM partnerships and the managed-services revenue model.
• Loomis AB: Swedish-listed global cash-in-transit and ATM services company with deep Nordic presence. Loomis is the closest direct competitor to Nokas in Scandinavian value transport, ATM deployment and cash handling services, and is most directly comparable on business model and customer set.

Others

• Diebold Nixdorf: Global ATM manufacturer and services provider that is one of Nokas's named technology partners (Diebold Nixdorf AS) for first- and second-line ATM service across Norway. Comparable as a key infrastructure supplier and ecosystem participant in the ATM managed-services stack rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries13 records

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 Nokas