InVenture, Almaz back Russian mobile payments startup 2can


russia_moscowVenture capital firms InVenture Partners, Almaz Capital Partners and ESN Group have invested $5m in Series B capital in Russian mobile payments startup 2can.

The round, which brought 2can’s fundraising total to $7.3m, will help the company increase its market share and fund the further technical development of the service.

2can’s technology enables trade and service companies use a smartphone or tablet computer as a secure mobile terminal for receiving card payments.

Over the past year its turnover has increased 500 times and the number of transactions increased 200 times.

InVenture co-founder and managing partner Sergey Azatian said, “We went into the project 2Can year and a half ago, and for this period, the company has demonstrated tremendous growth dynamics.

“Today, the level of penetration of terminals for receiving credit cards in Russia five times lower than that in Europe and in the sevenfold lower than in the US. 2can project aims to significantly reduce the gap.”

Last August Almaz hired two senior executives to boost its strategy of working with entrepreneurs in Silicon Valley and Russia.

Copyright © 2014 AltAssets