Life-Pay, a startup that is developing smartphone-based bank card payment terminals, has secured $2.6 million from Life.Sreda at an undisclosed valuation. The news was reported yesterday by Unova.ru, a website covering startup and venture news.
The funds will be used to reinforce the startup’s team, develop new products and penetrate new markets in the former Soviet republics. Global expansion is also included in Life-Pay’s long term plans according to CEO Vyacheslav Semenchuk, as quoted by Unova.
The startup plans to launch its first product on the Russian market later this month.
Established in September of this year with an initial capital of $10 million, Life.Sreda is the venture arm of Life, a Russian financial group comprising eight sizable Russian banks. Its first investments went to Instabank, a financial mobile startup, and My-Apps.com, a mobile apps builder.
Even though the Russian market for such devices is extremely young, a number of companies already compete on it. They are supported by domestic Internet, telecom and bank giants.
