Payment & banking technologies

Cross-border e-commerce: Adapting payment options to Russian online consumers

February 24, 2016

In a cross-border market that is still growing fast, reaching around $4 billion in 2014 for physical goods, the Russian payment issue is to be considered carefully by foreign online retailers.  So far, not all of them have adapted their approach to the local specificities in the field of payments — which certainly stands as an obstacle to attracting more Russian …

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Loyalty program, mobile payments, personal data storage: AliExpress to conquer Russian e-commerce on all fronts

February 15, 2017

Over the past few weeks, AliExpress has multiplied initiatives to strengthen its leadership on the Russian e-commerce scene. The Chinese giant has teamed up with Russian online bank Tinkoff Bank to launch a co-branded loyalty program. Associated with MasterCard credit and debit cards, this program is the first of its kind in the world, said …

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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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Net Element acquires PayOnline to “cover all methods of online and mobile payments in Russia”

February 25, 2016

Earlier this month Net Element, a NASDAQ-listed provider of mobile payment and value-added transactional service and solutions in Russia and in the United States, announced the acquisition of Russian Internet payment service provider (IPSP) PayOnline. The deal amounted to some $8 million, reported online tech portal CNews.ru, referring to SEC documents. The closing is still …

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Victor Dostov of Russia’s Electronic Money association: “A ban is not the way to handle the risks cryptocurrencies pose”

February 25, 2016

Dr. Victor Dostov is one of the leading experts and managers in Russian retail payment sectors. He has served as the President of the Russian Electronic Money Association since 2009. Considering his extensive track record and experience in pioneering digital payments in Russia, CoinTelegraph could not pass up the opportunity to ask Victor some questions on Bitcoin in …

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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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Russia’s SBT Venture Capital leads $6.5 million round for Canadian payment technology provider Mobeewave

February 26, 2016

Earlier this month SBT Venture Capital, the venture arm of Russia’s national savings bank Sberbank, led a $6.5 million investment round for Mobeewave, a Canadian startup that develops fast and secure NFC mobile payment acceptance services. Business angels also participated in the round, but their identity has not been disclosed. Founded in 2012, Montreal-based Mobeewave presents itself as …

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Russian fintech fund Life.Sreda acquires Southeast Asian mobile acquiring startup iboxPro

February 26, 2016

Life.Sreda, a Russian fund investing in financial and mobile technologies, has acquired iboxPro, a leading Asian mobile point-of-sale service, and intends to merge it with its Russian portfolio company LifePay. The details of the transaction have not been disclosed, but an unnamed source told business daily Kommersant that it amounted to “up to $10 million.”

QIWI launches new accelerator Universe 2.0

February 26, 2016

QIWI Venture, the investment arm of Russian electronic payment giant QIWI Group, has launched a new acceleration program, Universe 2.0. Like its predecessor, the program is intended to facilitate the quick launch of pilot projects which are looking to work in partnership with the company. QIWI hopes the accelerator will attract both major, established companies and …

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Russian venture fund Life.Sreda seeks to sell assets amid first signs of severe industry contraction

February 26, 2016

Russian fintech fund Life.Sreda is seeking buyers for the greater part of its portfolio companies, both Russian and foreign, Russian business daily Vedomosti has learned from unnamed industry insiders. The fund intends to concentrate on the development of its most promising project, mobile acquiring startup LifePay. In an exchange with the newspaper, Life.Sreda representative Anna …

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