Fintech

Russian National Payment System agrees co-badged card issuance with American Express, JCB, Mastercard

October 22, 2015

Over the past few weeks Russian National Payment Card System (NPCS) reached agreements with American Express, Mastercard and Japan’s JCB about the issuance of co-badged cards. Announced in June at the St. Petersburg Economic Forum, the agreement with Mastercard came as the first international co-badged card project for Russia’s young national payment system. Similar agreements were announced in early July with …

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BitFury raises $20 million from iTech Capital, Georgian Co-Investment Fund and DRW Venture Capital

February 16, 2016

Earlier this month BitFury, a major Bitcoin Blockchain infrastructure provider and transaction processing company, secured $20 million in funding from Russia’s iTech Capital, Georgian Co-Investment Fund and DRW Venture Capital. No details of the deals were disclosed. BitFury declined to answer EWDN’s questions. The raise, its third in two years, brings the company’s total to $60 million, …

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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 …

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

Life.Sreda teams up with Asian fund Marvelstone to invest $20 million in fintech startups

April 29, 2016

In a new move to penetrate the Asian markets, Russian fintech fund Life.Sreda has inked a memorandum of understanding with Marvelstone Partners, a Seoul, South Korea-based investment group. The two partners intend to launch a $20 million fund targeting fintech startups in South Korea and other Asian countries. Marvelstone will share its expertise in Asian markets …

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Almost half of Russians now use electronic payment methods

February 17, 2016

Last month Yandex and its subsidiary Yandex.Money released two studies on the Russian e-payment industry. Even though cash on delivery still dominates where physical goods are concerned, Russians are now fully aware of the main available electronic payment methods, according to Yandex.Money, which teams up every spring with TNS to conduct its research. Approximately three quarters of surveyed …

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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 Venture invests $150,000 in mobile payment app AnyBalance

May 26, 2015

Qiwi Venture, the investment arm of Russian electronic payment giant QIWI Group, has committed itself to invest an estimated $150,000 in Krawlly, as reported by Russian tech blog Firrma. This Russian startup is developing an Android mobile app, christened “AnyBalance,” that displays in one interface the balances of a user’s bank, mobile or ISP accounts. The startups claims …

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Online fundraising for oppositional report: PayPal more restrictive than its Russian competitor

June 9, 2015

Last week PayPal blocked a Russian account that was intended to fund large-scale publication of a critical report about Russia’s role in the Ukraine crisis. Released on May 12, the report was initiated by opposition leader Boris Nemtsov before he was murdered earlier this year. The US company explained that its service “does not offer the option of using its system to receive …

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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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