Background: Armaguard was founded in 1938, specialising in moving cash and coins across Australia for retailers, ATMs and banks. After acquiring its only competitor, Spanish giant Prosegur, in 2023, Armaguard became the sole major player in Australia’s cash-handling industry.

What happened: Despite being critical to banks and supermarkets, Armaguard was losing $1 million a week. In 2024, a group of banks had to step in with a $50 million lifeline to keep the company afloat.

What else: Now, after nearly two years of negotiations, Armaguard has struck a new deal with banks and supermarkets. The agreement introduces a utility-style pricing model, treating cash transport like an essential service such as electricity or gas and ensures Armaguard remains alive and operating.

What's the key learning?

💡While cash transport might not seem like an “essential service”, it still plays a critical role in keeping the economy functioning.

💡Despite the decline in cash, Armaguard still shifts around $6 billion in cash every week, or roughly 90% of all Aussie cash movements. Having a functioning cash transporter means banks and supermarkets don't need to stockpile risky wads of notes in stores and branches.

💡Last year, when Armaguard’s future looked shaky, Coles had to hoard cash in-store and limit withdrawal amounts, which caused all ranges of problems (and opened them up to Ocean's Eleven-style heists). But with a new deal struck, cash will stick around for longer.