Life-Pay, a startup that is developing smartphone-based bank card payment terminals, has secured $2.6 million from Life.Sreda at an undisclosed valuation. The news was reported by Unova.ru, a website covering startup and venture news, while this article was written by our syndicate partners for Russia at East-West Digital News.
The funds will be used to reinforce the startup’s team, develop new products and penetrate new markets in the former Soviet republics. Global expansion is also included in Life-Pay’s long term plans according to CEO Vyacheslav Semenchuk, as quoted by Unova.
The startup plans to launch its first product on the Russian market later this month.
Established in September of this year with an initial capital of $10 million, Life.Sreda is the venture arm of Life, a Russian financial group comprising eight sizable Russian banks. Its first investments went to Instabank, a financial mobile startup, and My-Apps.com, a mobile apps builder. The latter deal raised $1.5 million from Life.Sreda. Previously, My-Apps.com had secured $300,000 in two investment rounds from Imi.vc, a Russian venture capital firm that funds innovative mobile apps, and Farminers Startup Academy, a Western-style tech incubator – both founded and owned by Igor Matsanyuk, a prominent figure in the Russian Internet industry. My-Apps.com is valued at $6m, said Vyacheslav Semenchuk, the co-founder of My-Apps.com, in an exchange with Siliconrus.com.
This article was written by our syndication partners for Russia at East-West Digital News
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