Fintech

Russian funds invest $15 million in US company GridGain to “revolutionize real-time data access and processing”

February 24, 2016 May 29, 2017

Last week US-based GridGain Systems announced that it raised $15 million in a Series B funding round led by Sberbank, Russia’s national savings bank, and MoneyTime Ventures. The latter, a Moscow-based fund, manages Sberbank’s international venture arm SBT Venture Capital. Almaz Capital, an international fund with Russian roots, and RTP Ventures, the New York City-based venture arm of …

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Russian billionaire Oleg Boyko buys into German online lending startup

February 16, 2016 February 16, 2016

Russian billionaire Oleg Boyko’s private-equity company bought a stake in Germany’s Spotcap as the online lender backed by Rocket Internet SE secured its biggest financing to date. Spotcap raised 31.5 million euros ($34 million) from Boyko’s Finstar Financial Group and existing investor Holtzbrinck Ventures, Chief Executive Officer Toby Triebel said by phone. Spotcap lends to small and medium-sized …

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Real estate tycoon invests $3.9 million in Russian contactless payment startup

February 2, 2016 February 2, 2016

Russian businessman Sergey Kozlovsky has invested 300 million rubles (approximately $3.9 million at the current exchange rate) in PayQR, a Russian startup developing contactless payment solutions. The news was reported earlier today by Russian business daily Vedomosti, which cited PayQR’s founder Vyavcheslav Semenchuk. The details of the transaction were not disclosed. A mobile, QR code-based solution, PayQR claims to be …

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Russian breakthrough in quantum technology can protect banks from hackers

January 22, 2016 February 7, 2016

Until recently quantum networks were considered invulnerable to hacker attacks. Quantum connections have been used to protect data for a long time, but they work only at short distances, approximately 100 kilometers (60 miles). Furthermore, such connections are rather fragile and face problems shortly after they start functioning. Physicists at the Russian Quantum Center, however, …

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Russians can settle Internet and phone bills with bitcoin

January 14, 2016 February 7, 2016

Russian citizens can now pay their bills for internet and mobile phones with Bitcoin. Megafon, Beeline and other popular operators now accept Bitcoins through such services as Cryptonator and 7pay.in. Such services can make Bitcoin more attractive for ordinary Russian users. Cryptonator also offers payment options for popular online games, such as World of Tanks, Perfect World and others. Besides, they can use Bitcoins to replenish their …

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Will Fintech become a buzzword du jour in Russia?

December 3, 2015 February 9, 2016

Global investment in fintech ventures tripled to $12,21 billion in 2014, confirming the sector to be a hot ticket for everyone thinking about becoming a “unicorn” enterprise, making a breakthrough in technologies or changing consumer experience. A new startup field boomed 5-7 years ago in the USA is gradually building its momentum in Russia. A confusing …

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UK’s Tedipay and Russia’s CardsMobile to invest $9 million in contactless payment project

December 1, 2015 February 9, 2016

Today at the UnBound conference in London Tedipay announced a partnership with Russian contactless payment solution provider CardsMobile to create “a ground-breaking secure platform for mobile payments and smart transit ticketing.” The partners intend to invest no less than $9 million in the project, which will be deployed in the UK. The UK startup has developed an innovative wearables solution …

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From bank cards to e-wallets: How new legislation is changing the Russian e-payment scene

November 9, 2015 February 10, 2016

Since 2013, the Russian legislation on electronic payments has undergone several changes, in parallel with the development of a national payment platform. This article reviews the most significant developments as far as international players are concerned. E-wallets and prepaid cards In 2011, the law on payment systems changed Russia’s e-payments scene dramatically, with all e-wallet issuers and …

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BitRuble might appear in Russia in 2016

September 24, 2015 February 12, 2016

Sergei Solonin, general director and co-owner of Qiwi, a leading, NASDAQ-listed Russian payment operator, announced that his company plans to issue a Russian crypto-currency, called the BitRuble, in 2016. Qiwi intends to use either the Blockchain technology, which is the foundation for the Bitcoin, or the Bitshares financial platform, which is a sort of decentralized crypto-currency …

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Sberbank and Uber agree financial technology partnership

September 21, 2015 March 2, 2017

Earlier this month Sberbank, Russia’s national savings bank, and Uber announced that they signed a Memorandum of Understanding “to explore the co-development of financial technology with global potential.” For example, Uber could use Sberbank’s sophisticated mobile payment technologies to improve the ease with which new Uber users verify their account and pay securely. “Paying for your ride electronically …

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Payment watches take first steps in Russian market

September 7, 2015 February 14, 2016

Russian banks now offer customers a new way to pay for purchases. In mid-July, Alfa Bank started selling Austrian Watch2pay watches, and it was soon followed by Center-Invest, based in Rostov-on-Don. Gazprombank and AK Bars in Kazan, however, introduced the gadget even earlier, in April 2013. The watch has a built-in bank card with MasterCard …

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China meets Russia in major Moscow e-commerce event

August 17, 2015 February 15, 2016

With e-commerce flowing from China to Russia continuing to grow quickly, market players, service providers, government officials and top experts from both countries will be gathering on October 5-6 at the China-Russia E-Commerce Summit. Not only will the current market trends be analyzed thoroughly and the most recent figures revealed, but the speakers will also …

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