Smartfin, a Moscow-based provider of mobile acquiring solutions for SMBs (operating under the brands 2can and ibox), has secured $3 million from several funds under the management of Da Vinci Capital. Inventure Partners, one of the early investors in the company, also took part in the round, which was announced earlier this week.
“Since our first investment in 2can and ibox, the company has become an important part of the financial infrastructure in Russia and the true leader on the competitive mPos market,” said Anton Inshutin, managing partner at Inventure Partners.
The capital injection will be used to “develop a new-generation service platform,” capitalizing on its existing core payment processing solution. In addition, the company will consider potential M&A deals, and aim to boost its revenues, said the company’s CEO Dmitry Bogdashev.
According to him, Smartfin recently presented a new solution for cash registers, which meets all requirements of the latest legislation (Federal Law #54). “We plan to actively promote the new solution on the market, and expect our turnover to reach 70 billion rubles (around $1.2 billion) in 2017.”
The company claims to control currently 60% of the Russian mobile acquiring market.
Smartfin raised $2.3 million in September 2012 from Inventure Partners and Almaz Capital; then another $5 million in March 2014 from the same funds with a contribution from ESN Group. In late 2015, the company secured an additional $3 million for international expansion from Inventure and Almaz.
