Payment & banking technologies

Kazakhstani businessman Kenges Rakishev leads $3.7 million round in Moscow startup IQcard

December 23, 2013

IQcard, a Moscow-based startup offering multifunction bank cards, has raised $3.7 million in a Series B round led by Kenges Rakishev, a prominent businessman from Kazakhstan. The startup’s valuation has not been disclosed. Existing shareholders Fastlane Ventures and Direct Group have also participated in the round along with an unnamed “prominent Russian IT entrepreneur,” Fastlane’s press …

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RBK Money gets payments services authorization in the UK, aims for EU expansion

December 10, 2013

London/Moscow – RBK Money, a leading online payments provider in Russia, announced today that it has been granted the status of an Authorized Payment Institution by Financial Conduct Authority (FCA) in the UK. This enables RBK Money to offer its payment services across all the EU member states under the Payment Services Directive (PSD). This …

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Russian e-currencies innovate: Yandex introduces ‘money letters’ while Mail.Ru allows users to pay taxes online

December 5, 2013

While PayPal is starting activities on the Russian market, two domestic e-currencies, Yandex.Money and Money Mail.ru, are introducing their own innovative features. Since late November, Yandex.Money has allowed its users to send money via email. To send a so-called ‘money letter’, a user only needs a Yandex.Mail account and a Yandex.Money e-wallet. The recipient can …

Russian e-currencies innovate: Yandex introduces ‘money letters’ while Mail.Ru allows users to pay taxes online Read More

Flint Capital and Prostor Capital invest $3 million in online financial services

November 29, 2013

Prostor Capital and Flint Capital have invested $3 million in equal shares in Federal Finance Group, a group of companies developing online financial services. The terms of the deal have not been disclosed. The group, founded in October 2010, has been backed so far by Russian financial services company Finam, PR director Ekaterina Prikhodko told East-West …

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Tinkoff bank offers credits for Russians’ cross-border online purchases

November 26, 2013

Cross-border sales operator ViPoint.ru has announced a partnership with Kupivkredit, a subsidiary of the Tinkoff Credit Systems bank, that will allow its Russian customers to purchase goods from US online retailers on credit. Credit amounts will range from 3,000 rubles (a little less than $100) to 200,000 rubles ($6,000). This initiative is presented as the first …

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Russian team wins PayPal Battle Hack and a $100,000 prize

November 21, 2013

Last week, a team of four Russian programmers won the 2013 international PayPal Battle Hack, reported RIA Novosti. PayPal’s Battle Hack 2013 offered teams from Moscow, Berlin, Washington, London, New York, Tel Aviv, Seattle, Barcelona, Miami and Austin 24 hours to develop a completely new service that would be introduced by PayPal. The competition was held …

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US peer-to-peer lender LendingClub said to reach $2.3 billion valuation in DST funding

November 13, 2013

LendingClub Corp., the largest U.S. peer-to-peer lender, received a $57 million investment from Yuri Milner’s DST Global and Coatue Management LLC as the company nears an initial public offering. The transaction values LendingClub at $2.3 billion, said two people with knowledge of the deal, who asked not to be identified because the valuation is private. …

US peer-to-peer lender LendingClub said to reach $2.3 billion valuation in DST funding Read More

Will design dethrone king cash in Russia?

November 11, 2013

The use of digital banking and electronic payments is expanding in many countries, as consumers embrace technology that facilitates financial services. Yet in Russia, people still cling to cash for most of their financial needs. In fact, more than 90 percent of all commodity purchases are in cash, according to the Bank of Russia, and …

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Tele2 Russia teams up with MasterCard to issue virtual international payment card

October 18, 2013

Tele2 Russia, a former subsidiary of the Swedish telco Tele2 which was acquired earlier this year by Russian bank VTB, has issued a virtual international payment card for online shopping in partnership with MasterCard. Connected to a Tele2 subscriber’s mobile account, the new payment instrument, named “Tele2 MasterCard virtual card,” lets online shoppers spend up …

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Runa Capital injects $2 million in mobile banking startup with global ambitions

October 3, 2013

Earlier this week RocketBank, a Moscow-based banking application startup, announced that it received $2 million in funding from Runa Capital, a Moscow-based fund operating internationally. RocketBank’s application, currently available only on iOS, allows users to complete money transfers that necessitate no bank details of a recipient, simply an e-mail address or e-wallet number – which the …

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QIWI President Boris Kim: “We target cash-based markets across the globe where consumers need convenient alternatives.”

October 1, 2013

Initially a network of cash collection machines, through which Russians pay for virtually everything from mobile phone bills, to online purchases, to fines, QIWI is now an international, NASDAQ-listed, multichannel payment operator working in close partnership with Visa. QIWI President Boris Kim shared with East-West Digital News his vision of the payment industry, which knows …

QIWI President Boris Kim: “We target cash-based markets across the globe where consumers need convenient alternatives.” Read More

PayPal launches in Russia while Russian e-currencies go global

July 6, 2015

Yesterday PayPal became available to Russian users for domestic operations with the ruble as its 26th currency. The international payment company started serving Russian users in 2006. So far, however, Russians could only use PayPal on foreign sites and via other currencies. Furthermore, they could not withdraw their money from PayPal account to Russian banks.

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