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Sberbank’s venture arm backs Sequent Software

8 Jul 2013

software2_lrgRussian banking major Sberbank’s venture arm SBT Venture Capital has led a $12m Series B round for mobile commerce software company Sequent Software.

Existing investors Opus Capital and Jado Investments also participated in the round.

Sequent will use the funding to scale up commercial deployments of its TSM and wallet platform with mobile operators and card issuers around the globe.

The company’s software enables users to download payment cards and other credentials to their mobile devices, which they can use to make payments and access information and offers from mobile network operators, retailers and financial institutions.

SBT’s Mircea Mihaescu said, “We evaluated several opportunities and concluded that the Sequent team has created the best solution in both breadth and depth for service providers as well as secure element owners. We are excited to help Sequent grow as the global leader in TSM software and services.”

Last year Sberbank launched a new venture fund targeting high-tech companies and projects.

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