Banking technologies

iTech Capital injects $3 million in US platform to disrupt trading industry

February 16, 2016

iTech Capital, a fund with Russian origins now operating globally, has just invested $3 million in exchange for a minority stake in TradingView, a social fintech platform that unites traders and investors from around the world. Also participating in this Series A round, which totalled $3.6 million, were Chicago startup accelerator TechStars and prominent US business angels who took part in the seed …

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Russia’s Target Ventures opens office in San Francisco, invests $13 million in P2P lending platform Prosper

February 17, 2016

In a new illustration of the invest-abroad trend among Russian investors, Target Ventures announced last month the opening of an office in San Francisco. The fund’s first US investment went to Prosper, a leading US peer-to-peer lending marketplace, which received $13 million, as reported by Russian tech blog Rusbase. “The Russian market isn’t big enough,” the fund’s managing partner Mikhail Lobanov …

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Fintech startup IQcard claims 1 billion ruble monthly turnover, receives new capital injection

February 17, 2016

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 …

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New technology for bank card protection: breakthrough or scheme of the century?

May 27, 2015

“A Russian scientist made a breakthrough”: this is how many global media outlets have described the new quantum key protection technology for bank cards developed by Viktor Petrik. The scientist seemingly proposed a brilliant solution for the problem of data leakage. According to Petrik, the magnetic strip and the electronic chips are the weakest link in the …

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Qiwi acquires payment operators Contact and Rapida

May 18, 2015

Yesterday Qiwi, a major, NASDAQ-listed Russian payment operator, announced the full acquisition of SAER, a holding company that owns the Contact money transfer system and the Rapida payment processing system. Under the terms of the agreement, QIWI will issue 5,593,041 class B shares to the current owner, Russian financial group Otkritie. Based on Qiwi’s current stock price on the …

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Moscow Seed Fund and Life.Sreda invest in microcredit scoring technology

February 25, 2016

Earlier this month Moscow Seed Fund, the venture arm of the Moscow city authorities, and Life.Sreda, a Russian fintech fund, announced they brought in 12 million rubles (approximately put $240,000 at the current exchange rate) in Scorista.ru. Launched in 2013, this Moscow-based startup provides microcredit companies with credit scoring and risk analysis “in a minute.” In addition …

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Visa and MasterCard join Russia’s National Card Payment System

February 25, 2016

On April 1 Visa and MasterCard joined Russia’s newly-created National Card Payment System, which was launched in response to US sanctions against Moscow and can be considered the first step towards the creation of an autonomous financial system in Russia. “The national system has already been introduced, quickly and at a little cost, and it has fully …

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Bank software publisher Double Data secures $3 million in Series A round

February 25, 2016

Last week two Moscow-based venture funds, Leta Capital and Simile Venture Partners, announced they invested “nearly $3 milllion” in Double Data, a Russian startup developing Big Data solutions for financial institutions. The details of the deal were not disclosed, but Double Data co-founder Maxim Ginzhuk told East-West Digital News that Leta led the round, and …

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Runa Capital leads $3 million round in US startup LendingRobot

March 1, 2016

Earlier this week Seattle-based startup LendingRobot completed a $3 million funding round led by Runa Capital, a venture firm operating globally from its offices in Moscow and San Francisco. Club Italia Investimenti II also participated in the round along with individual investors, but the amount of their respective contributions was not disclosed. An automated investment service for online lending, LendingRobot claims to serve more than …

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Life.SREDA invests in mobile bank Rocketbank

March 1, 2016

Last week Life.SREDA, the venture arm of Russian finance group Life, announced its investment in mobile bank Rocketbank. The amount of the transaction has not been disclosed, but an unnamed source close to the deal told Russian tech blog Firrma.ru that the fund’s stake in Rocketbank does not exceed 10%. Life, which is made up of seven commercial banks across Russia, …

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Russia’s SBT Venture Capital invests $5 million in Southeast Asian credit company

March 1, 2016

SBT Venture Capital, the venture arm of Russia’s national savings bank Sberbank, has invested $5 million in fintech service Advanced Merchant Payments (AMP). AMP’s platform allows banks to offer unsecured short-term loans to small businesses, using data analysis to decide whether to offer loans to businesses without a credit history. It was founded in 2009 …

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