Russian mobile payments startup 2can lands $5M in Series B funding

By VCPOST Staff Reporter

Mar 31, 2014 04:56 PM EDT

Russian mobile payments startup 2can has just closed $5 million in its second financing. InVenture Partners was the lead investor in the round, according to TechCrunch.

Almaz Capital Partners and ESN Group also contributed to the funding. The Series B round brings 2can's total raised capital to $7.3 million, the report detailed.

The Moscow-based startup will use the new capital to integrate its service with banks in the country. It will also be used to fuel its product acceleration, the report added.

2can, a startup launched in September 2012, is a company that uses a small device connected to a smartphone to process payments form Visa and Mastercard. This mobile card reader gives functions as a secure payment terminal that merchants can use in business, the report explained.

According to co-founder Sergey Azatyan, point-of-sale (POS) terminals have a growth rate that is 5 times slower than that in Europe. This means the mobile payments industry still has a lot or room for growth in the years to come, TechCrunch reported.

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