Real estate tycoon invests $3.9 million in Russian contactless payment startup

Russian businessman Sergey Kozlovsky has invested 300 million rubles (approximately $3.9 million at the current exchange rate) in PayQR, a Russian startup developing contactless payment solutions. The news was reported earlier today by Russian business daily Vedomosti, which cited PayQR’s founder Vyavcheslav Semenchuk. The details of the transaction were not disclosed.

A mobile, QR code-based solution, PayQR claims to be “number one pay-per-phone system in Russia.” Users may use the solution to settle their purchases in PayQR-affiliated shops, as a special ticket with a QR code is printed by the cashier. The user’s PayQR account is tied to his or her bank card.

PayQR plans integrate the NFC technology later this year.

So far the startup has enrolled a few hundred companies, says Semenchuk. He did not disclose the number of users, but Google Play indicates between 10,000 and 50,000 app downloads.

PayQR already secured $1.5 million in 2014, Semenchuk told Vedomosti.

Born in 1958, Kozlovsky heads Incom Real Estate, a major real estate company. In 2001, he was awarded “best entrepreneur of the decade” by Moscow city authorities.

Topics: Finance, Fintech, News, Payment & banking technologies, Payments, Startups, Venture / Private equity
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