Russian-born social commerce major Ecwid sold to Canadian Lightspeed for $500 million

June 9, 2021

After Veeam Software, Wrike and Magic Lab — to cite just a few recent examples — this is yet another happy exit for a Russian entrepreneur established in the West. Ecwid, a Russian-rooted provider of social commerce solutions for small businesses, is in the process of being acquired by Canadian Lightspeed. This Toronto-listed online and offline retail software major says it is buying …

Russian-born social commerce major Ecwid sold to Canadian Lightspeed for $500 million Read More

Russian service marketplace Eruditor secures $22 million venture loan to go global

June 9, 2021

Last week two large financial institutions announced a 1.6 billion ruble ($22 million) investment in Eruditor, a group of online platforms for small businesses and freelancers providing home and local services.   The funding is provided jointly by the Russian-Chinese Investment Fund, a vehicle created by Russia’s sovereign wealth fund RDIF and the Chinese Investment Corporation, and …

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Russia may be cut off from SWIFT as part of West’s “spiral of sanctions,” warns foreign ministry

June 7, 2021

Russian banks may be blocked from using SWIFT, a payment system that enables reliable and secure financial transactions, as part of restrictions against Moscow, in what one official has called a potential “spiral of sanctions.” “It’s no secret that there are threats, primarily from the United States, to disconnect Russia from the SWIFT system,” said Dmitry …

Russia may be cut off from SWIFT as part of West’s “spiral of sanctions,” warns foreign ministry Read More

Russia-based global delivery service Dostavista attracts funding from sovereign wealth funds

June 5, 2021

Russia’s sovereign wealth fund RDIF announces an investment in Dostavista, an international crowdsourced delivery service with Russian roots. Neither the amount nor the process identity of the co-investors (“leading sovereign wealth funds from the Middle-East”) have been disclosed, but the company told East-West Digital News that “more details”about the deal will be unveiled in a few …

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Sber and VTB CEOs blast Bitcoin

June 9, 2021

Sber and VTB, two leading, state-controlled financial institutions in Russia, are not willing to move into the cryptocurrency market in the near future as their CEOs believe that crypto is either too risky or fake money. Sber CEO Herman Gref said that cryptocurrencies like bitcoin are probably the riskiest type of investment alongside the equity …

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Russia’s top digital bank wants to offer crypto — but tough central bank policy stands in its way

June 19, 2021

Tinkoff, the biggest online bank in Russia, wants to offer cryptocurrency trading to its clients but says this will take time due to a tough stance from the country’s central bank. Oliver Hughes, Tinkoff’s CEO, said Thursday that “qualified investors who know what they’re doing” want to invest in crypto. “There’s no mechanism for us …

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After pandemic boosted gaming usage, Mail.Ru acquires cloud gaming startup

June 4, 2021

Mail.ru Group is in the process of acquiring game streaming startup Playkey. Through this acquisition, the LSE-listed Russian Internet major intends to “develop Playkey solutions within [its cloud gaming service] My.Games Cloud and scale cloud gaming in Russia.” Last week the group announced the acquisition of a controlling stake in the company — 80.05% according to the Russian company …

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How a Russian ‘marketing agency’ offered money to Western bloggers to spread fake news about the Pfizer vaccine

June 4, 2021

Last month, a handful of journalists and bloggers in France and Germany tweeted screenshots of emails from managers at some kind of marketing agency asking them to share information about higher mortality rates in patients immunized with Pfizer’s coronavirus vaccine relative to other vaccines. As reporters learned that the agency is based in Moscow, French …

How a Russian ‘marketing agency’ offered money to Western bloggers to spread fake news about the Pfizer vaccine Read More

Russian urbanites embrace e-scooters

June 2, 2021

Russia is a relatively late bloomer in the market of shareable electric scooters, which are available for rent through a number of different smartphone apps.  E-scooters, fueled by billions in venture capital funding, first spread rapidly across the U.S. and quickly spread to European capitals. The vehicles, which take up less room than cars or even …

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AliExpress now helps Russian brands sell globally

June 1, 2021

Bringing its contribution to Russia’s emerging outbound cross-border sales, AliExpress Russia announced today the launch of Ruzania, a section of its international platform reserved for select Russian sellers. The first offers come from Maskbro (wooden toys), Bossa Nova and Lucky Child (children’s apparel). Items from these Russian brands can be purchased “not only by Russian-speaking users, but …

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Russian government could invest more than $10 billion for electric and hydrogen vehicles

June 1, 2021

The Russian government plans to invest 777 billion rubles ($10.5 billion) into electric and hydrogen vehicle development by 2030, according to documents obtained by the Vedomosti news outlet. In the next nine years Russia’s electric vehicle (EV) share of the auto market could grow from 0.05% to 15%, officials at the Ministry of Economic Development said. By …

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A Russian-founded startup from California attracts $20 million to help businesses create bots easily

June 2, 2021

A young Californian startup created by four Russians could well become one of tomorrow’s leaders in robotics automation. Two years after inception, it has just raised $20 million from international investors — with a valuation exceeding $100 million, according to Forbes Russia. Thanks to ElectroNeek’s robotic process automation platform, businesses can now create more easily digital workforce and personal assistants. As reported …

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