Cash transport industry faces challenges as Marko Latvala adapts to cash monopoly in Finland

A few years ago, Marko Latvala’s company operated a fleet of 20 vehicles transporting cash to banks, shops, and ATMs across Finland. However, the business has since collapsed, and now only a fraction of the original revenue remains. Latvala continues cash transport on a smaller scale “for the love of the trade,” primarily earning a living through work in the security sector.

This downturn is attributed to the consolidation of cash handling services, leading to the emergence of a cash monopoly in Finland, similar to trends seen in parts of Europe. Latvala acknowledges that the formation of a cash monopoly in Finland is inevitable.

The decline in cash usage has resulted in cash logistics services becoming increasingly concentrated, with Swedish firm Loomis and Norwegian-based Nokas now handling most cash movement in Finland. Other firms, such as SOK’s subsidiary Reila, operate counting centers. Latvala’s business struggled to compete for cash transport contracts, particularly in northern Finland, where Loomis already had established routes with Automatia’s assistance, allowing for aggressive pricing.

Loomis Finland CEO Harri Veijola disputes the claims made by Latvala, asserting that customer offers are calculated thoroughly with cost considerations. He argues that underpricing in the market is shortsighted and will ultimately harm the industry’s profitability.

In Sweden, the national market for cash logistics has been dominated by Loomis for the past four years. However, local ATM company Bankomat plans to dismantle this monopoly by starting its own cash handling and transport services next summer to ensure future availability of cash services amid declining cash usage in commercial settings.