Cream Finance, a European company that provides short-term consumer loans, has raised $6.2 million (€5 million, both debt and equity) from Flint Capital, a globalized Russian venture fund launched last year. Founded in 2010, Cream Finance is the parent company of CreditOn, LendOn, and CreditOne, consumer credit services that operate in Latvia, Czech Republic, Poland, Georgia, …
FinSight, a New York-headquartered venture fund belonging to leading Russian financial group Finam, has contributed an undisclosed amount to the Series A equity round of French fintech startup Finexkap. The startup has raised $22.5 million in total, including a $7.5-million capital injection from GLI Finance, FinSight as well as undisclosed private investors and family offices. These funds will be used …
FinSight invests in French fintech startup Finexkap Read More
Mobile acquiring solution developer Smartfin, which operates under the 2can brand, has been selected as the first technological partner of national savings bank Sberbank for a pilot project of “Business Tablets.” The Business Tablet consists of three portable gadgets: a modern tablet computer with an embedded mobile acquiring application; a bank card reader compatible with …
ThePaypers, an international online publication on the payment industry, has just released its “Online Payments Market Guide 2014,” the fifth edition of the yearly guide that provides fascinating insights into the global e-payments and e-commerce ecosystems. This year’s edition provides a comprehensive overview of the global e-payments landscape. Alongside ongoing market trends, developments and case studies, voices from …
Online Payments Market Guide 2014: A complete overview of the global payment scene Read More
Global Internet security company Group-IB has assisted the Directorate K of the Russian Ministry of Internal Affairs to investigate and suppress the activities of a criminal group that specialized in stealing funds from the bank accounts of individuals. Towards the end of 2013, the security service of Sberbank detected a cyber-attack on owners of Android …
Mobile banking botnet creator arrested for the first time in Russia Read More
Cyberplat, a major operator of cash and electronic payment services, has a product ready that can serve as a functional analog of the global interbank financial notification exchange system SWIFT for domestic operations. Cyberplat sent information about its product, CyberFT, to almost 300 Russian banks, reported Russian tech publication CNews.ru.
Banking and finance software developer R-Style Softlab, based in Russia and owned by Polish company Asseco, is opening a new division in Crimea. Its office will be in Sevastopol. The department will specialise in software development for the banking sector, particularly banks located within Crimea and nearby regions. The company expects that by the end of the …
While Russia is shifting a part of its business focus from Western countries to alternative partners, Asian bank card giants UnionPay and JCB have expanded initiatives to conquer the Russian market. China’s UnionPay, which entered the market in 2007, claims to be accepted by over 100,000 POS terminals and more than 30,000 ATMs in Russia, …
UnionPay and JCB to spearhead Asian payment push in Russia Read More
Russia and Turkey are the major engines of ATM market expansion in Europe, with growth in much of the rest of the continent standing still, and several major markets contracting during 2013. These are some of the key findings of ATMs in Europe 2014: Hardware, Software and Services, a new report by strategic research and …
Rapid growth in Russia and Turkey drives European ATM market Read More
Last week money-management service Moven raised $8 million at an undisclosed valuation in a round led by SBT Venture Capital, the venture arm of Russia’s national savings bank Sberbank. Virginia-based Route 66 Ventures, South-African Standard Bank, and London-based Anthemis Group also took part in the round of funding. The New-York based startup had already attracted …
Russia’s Sberbank leads $8 million round in US money management startup Moven Read More
After an investigation initiated by the security service of Sberbank, Russia’s national savings bank, the activities of an organized criminal group of hackers that specialize in stealing money from the bank accounts of companies have been suppressed. This was achieved thanks to joint efforts by the Bureau of Special Technical Measures (BSTM) and the Russian FSB Information …
Russian hackers get jail time for online banking thefts Read More
Last week the business daily Vedomosti reported a $10 million investment from Russian PE & VC fund iTech Capital in Mobile Finance Management Solutions (MFM Solutions), a Moscow-based provider of SMS services for financial organizations, in exchange for a minority stake in the company. The terms of the deal have not been disclosed. MFM Solutions’ …
iTech Capital injects $10 million into financial SMS service provider MFM Solutions Read More
