Payment & banking technologies

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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MasterCard reaches agreement with national payment system; Visa may follow

March 1, 2016

MasterCard has agreed to transfer card processing inside Russia to the National System of Payment Cards (NSPC) while Visa is still discussing the matter with the authorities, Interfax.ru reported, citing the Central Bank’s press service. MasterCard’s move will not affect cardholders, Interfax quoted a MasterCard representative as saying. The company previously used its own processing system, which is located …

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Russia blocks bitcoin websites over “shadow economy” fears

March 1, 2016

The Russian telecommunications regulator Roskomnadzor has blocked access to five bitcoin-related websites because the cryptocurrency “contributes to the growth of the shadow economy.” The sites include Bitcoin.org, a primary community resource for the cryptocurrency that’s run by the Bitcoin Foundation, the Bitcoin.it community wiki, the Russian-language BTCsec.com security site, the London-incorporated Indacoin exchange, and Russian bitcoin community site Coinspot.ru — although the …

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Yes to bitcoin! Russian ministry says quasi-money ban may endanger banks, retailers

March 1, 2016

Russia’s Ministry of Economic Development has reacted negatively to the bill to ban cash equivalents, including electronic money, such as bitcoins. It said the proposed ban could hit major telecom operators, retailers and banks hard. The Ministry of Finance has developed a draft law on the introduction of responsibility for handling cash equivalents after President …

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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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Russia’s Flint Capital invests $6.2 million in European data-driven consumer lending technology

December 3, 2014

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, …

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Mail.ru Group hands over its e-currency to QIWI

November 26, 2014

NASDAQ-listed Russian payment operator QIWI announced today the acquisition of the e-currency business of Mail.ru Group, a major Russian Internet group. After the completion of transition period all Money.Mail.Ru transactions will be performed by QIWI. The terms of the deal, which is presented as part of a “long term strategic partnership,” have not been disclosed. …

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National tax service and Sberbank team up with 2can to develop innovative transaction platforms

November 13, 2014

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 …

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PayPal to experiment with cash account replenishment in Russia

November 12, 2014

PayPal is preparing an important step to adapt to Russia’s local conditions by accepting account replenishment by cash. The news was reported last week by Russian business daily Vedomosti, which received confirmation from PayPal. Such operations will be made possible in the physical outlets of Euroset and Svyaznoy, the leading retailers of mobile devices and accessories with …

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Visa to lose up to $70 million to relocate transaction processing to Russia; national payment system set for completion by March 2015

November 5, 2014

Visa could lose up to $70 million in 2015 while relocating its transaction processing to Russia, news agency Interfax reported last week. “We expect to lose a part of revenues of approximately $50 million by the end of the fiscal year [Sept. 30],” Visa’s CEO, Charles Scharf, was quoted by Interfax as saying in a telephone conference. That number will likely increase to $70 million over …

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Online Payments Market Guide 2014: A complete overview of the global payment scene

November 5, 2014

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 …

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