Russian mobile payment startup uBank raises $8m from Runa Capital to spur global growth

Russian mobile payment startup uBank raises $8m from Runa Capital to spur global growth

Moscow, Russia-based mobile payment startup uBank has secured $8 million from Runa Capital to expand its business beyond Russia and CIS in a space that’s rapidly heating up worldwide.

The news was reported by Russian media earlier today, and we’ve confirmed the news and received details about the investment independently.

All Killer, No Filler

We’re bringing Momentum to New York: our newest event, showcasing only the best speakers and startups.

uBank is building a mobile payment service for individuals that allows them to pay bills and transfer funds right from their phones or PCs.

The application allows customers to attach several credit cards of different banks and use them as sources of funds.

Users can charge their accounts from debit/credit cards – for free – and start doing regular payments for mobile phones, internet, cable TV and whatnot from their mobile devices.

aad8a509-601a-4b8c-a20f-792b0c869582

Released at the end of 2012, uBank has garnered 250,000 downloads of its apps for iOS and Android in the past two months. Notably, the company’s app already comes pre-installed on all Samsung and Fly smartphones sold in Russia.

uBank says it plans to use the fresh capital to extend payment coverage to CIS countries and soon add international payments support.

The company will also add new features like paying for bills in cafés, restaurants and more, as well as p2p money loans, and develop apps for both BlackBerry 10 and Windows Phone.

Image credit: Thinkstock

Read next: DoCoMo, China Mobile and KT cooperate on Wi-Fi, NFC roaming for Japan, China and Korea

Shh. Here's some distraction

Comments