Last week IQcard, a startup offering prepaid cards and monetization instruments for retailers’ loyalty programs, has raised an undisclosed amount from Finteca Holdings, a new fintech fund investing in Russia and Eastern Europe.
Inspired by such international models as Greendot in the USA, IQcard was founded in 2012 by Fastlane Ventures, a Moscow-based startup investment firm and incubator. In 2013, the company started cooperation with Visa, releasing the first Russian Gold prepaid card.
That same year, IQcard secured a Series A round in which took part Paradigm Investments and Ukraine’s TA Venture; then the company raised another $3.7 million from Kazakhstani businessman Kenges Rakishev.
In early 2014 the Russian startup was among the winners at the Paybefore Awards (USA).
In addition to prepaid and credit cards, IQ Card offers a line of insurance products from leading Russian insurers Ingosstrakh and Alfa insurance.
Today the company claims more than 40,000 customers with a monthly card turnover exceeding 1 billion rubles (approximately $18 million).
IQcard says it is “growing every month despite the current economic difficulties.”
“Now we are embarking on several strategic projects with major Russian companies and banks. We have also partnered with new insurance companies. This new funding will allow us to improve cloud platform and mobile services to customers, increase opportunities for business partners, and launch new projects,” said IQcard CEO Ekaterina Konovalova.
“The market of cashless financial services is very promising, and we believe that with its innovative technologies and partnerships with major players, IQcard will continue to lead this market,” commented Marina Treshova, CEO of Fastlane Ventures.
