Modulbank, a Russian bank operating in 17 Russian cities, including Moscow, and providing online banking services to SMBs, has acquired three small fintech startups for an undisclosed amount. The news was reported by online publication CNews.ru based on an exchange with the head of the bank’s board of directors Andrey Petrov.
Unicloud, one of the startups sold by I.T. Group, is located in Ufa, the capital city of Bashkortostan in the Southern Urals. Its technology is being used as the basis of Portal 2.0, the Modulbank platform for customer management. Moreover, the startup has its own CRM system, dubbed ‘Dela,’ which Modulbank started to integrate to its in-house products in test mode.
Modulbank has also acquired a majority stake in Avanpost, a company from Novosibirsk with a few employees. Its software for online management of cash registers allows businesses to comply with a recent law.
According to this legislation, all users of cash register equipment will be required to use online cash registers and pass tax data to tax authorities through fiscal data operators starting, from July 1, 2017.
First Online Accountancy is the third startup acquired by the bank. With a team of eight, this Moscow-based company allows working with products for accounting by 1C, a leading Russian enterprise software publisher, via the cloud. Modulbank has already integrated the solution in its systems.
Among the investors in the acquired startups are the Internet Initiatives Development Fund (IIDF, or FRII in Russian, a state-backed startup fund) and Moscow-based I.T. Group.
Source: CNews.ru
