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Smartfin raised $ 1.6 million from InVenture Partners for the development of 2can service

Smartfin Company is a Russian startup created specifically for the development, implementation and operation of the service of payment reception via smartphones. Smartfin has announced raising $ 1.6 million within the first round of investments. InVenture Partners venture fund has acted as the main investor of the project.

Smartfin has developed the 2can handheld payment terminal and started implementing it within the scope of Russian market. 2can is an innovative service payment reception via bank cards which allows any trade and service outlet to use a smartphone or tablet (on the platform of iOS or Android) as a secure mobile device for payment reception via cards everywhere at any time. 2can mobile terminal is a special application and a card reader, which turn smartphone into a terminal accepting Visa and MasterCard payment cards. 2can platform is focused on online retailers and entrepreneurs who cannot install conventional terminal devices for payment by bank cards on their points of sale for financial or logistical reasons.

2can service is a Russian analogue of the American Square service, which has started  in 2009 with a $ 10 million of round A, and attracted more than 2 million customers to date and priced at $ 3.25 billion within the limits of the last round D held in September.

2can project was founded in November 2011 by Nikolai Zhmurenko (Skolkovo Startup Academy graduate, previously – CFO at Synterra national capcom) and Yuyr Vladimirov (previously – CFO at Inoventica Group of Companies). Partners’ project investments totaled about $ 300 000 and were invested in the initial organization of business, development of the first version of the application for devices based on Android and iOS and a processing system that provides secure payment processing. Among other things, security is achieved by data encryption at the stage of customer’s card reading. The use of a special card reader with the encryption function is an important security feature recommended by international payment systems based on the practice of similar services abroad.

Visa and Promsvyazbank became the first official partners of 2can project. Visa International payment system certified 2can service, and PSB acted as an acquiring bank. The service was launched on September 21, 2012. Now the card reader is free of charge for the clients who had registered on website and had signed a contract with the company.

$ 1.6 million received from investors will be used for technical and commercial development of 2can service, retail partner network creation and marketing promotion. In addition, the integration of 2can solution with a wide range of partner banks is planned within the scope of the service development. This will allow the banks together with Smartfin to provide the opportunity of mobile acquiring to their customers.

“More than 190 million cards have been issued in Russia, their annual turnover is over 16 trillion rubles, but the vast majority of cardholders prefer to use them just to withdraw cash from an ATM. This is not surprising because in Russia only about 17% of merchants working with individuals accept bank cards”, Smartfin CEO and founder Nikolai Zhmurenko says appraising the potential of 2can project at Russian market.
“We believe that entrepreneurs will appreciate the potential of the solution which is able to provide convenience and security of payments for customers. By the end of 2012 our customer base will total several thousands of devices, and in 2013 it will be expanded to tens of thousands”, he adds.

“2can project became interesting for us because of the ability of quick scaling of a company’s payment solution, taking into account the huge potential of mobile acquiring market in Russia”, managing partner of InVenture Partners venture fund Anton Inshutin said. “We will closely monitor the development of the project and will provide it with the additional financial support as well as with the assistance in establishing relations with potential customers in the area of electronic commerce”, he added.

Press Contacts:

Alexey Karlov,

Tel. +7 (916) 540 58 79

CJSC Smartfin is a Russian startup created specifically for the development, implementation and operation of the service of payment reception via smartphones. 2can handheld terminal developed by Smartfin is a special application for smartphones (iOS and Android platforms) and a card reader, which turn smartphone into a terminal accepting Visa and MasterCard payment cards.

Additional information:

«InVenture Partners» is a venture fund investing in domestic and international startups that seek to transform their innovative business ideas into successful companies. Created in 2012 from $ 100 million of capital raised, InVenture Partners invests in leading companies in the field of technology, especially in such segments as the Internet, mobile technology, software and electronic commerce. The portfolio of InVenture Partners now includes the following companies: Fogg, GetTaxi, Happlink, OnlineTours and Smartfin.

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