More than 40 investors participated in the investment, which is Hotbed’s 45th since it was launched in 2004.

Gareth Jones, a Hotbed member who has personally invested in Cash4All, is joining the company’s board as chairman.

Cash4All was founded by Kieron Abernethy, Jonathan Silver and James Bushby, all formerly of cash machine supplier Moneybox. Cash4All had previously acted as a sales agency for Moneybox. It generated turnover of £72,649 and a pre-tax loss of £950,137 for Year-End December 2005.