IQcard, a financial services company specialising in prepaid cards and the monetisation of loyalty programs for retail chains, has raised a new investment round from venture fund Finteca Holdings.
Finteca Holdings creates, acquires and develops leading financial technology companies in Russia, CIS and Eastern Europe. The transaction closed on 17 June 2015. Aspring Capital, a leading Russian independent investment bank, acted as a sole financial adviser to IQcard shareholders.
IQcard was founded in March 2012 by Fastlane Ventures and Direct Group and its partners, who have over 20 years successful experience of Internet retail and financial services in Russia. In 2013 IQcard started cooperation with Visa, releasing the first Russian Gold prepaid card, and implemented co-branded projects with many companies, including the world's largest international tour operator TUI. In addition to prepaid and credit cards, IQ Card offers a line of insurance products from leading Russian insurers Ingosstrakh and Alfa insurance. In 2014 IQcard was the winner of Paybefore Awards (USA) — the most prestigious international Award for participants of the market of prepaid cards and payment systems. Today the company has more than 40,000 customers, whose card turnover is over 1 billion rubles and growing every month.
IQcard CEO Ekaterina Konovalova (pictured) says: "Despite economic difficulties in 2014, IQcard actively developed and prepared for implementation of new projects. Now we are embarking on several strategic projects with major Russian companies and banks. We have also partnered with new insurance companies. This new funding will allow us to improve cloud platform and mobile services to customers, increase opportunities for business partners, and launch new projects. We appreciate the support of our current investors, thanks to whom we have achieved great success to date, and the strategic partnership with Finteca will allow IQcard to continue to lead the Russian market".
Campbell Bethwaite, Managing Partner of Finteca, says: “IQ Card’s excellent platform, strong management team, and deep customer relationships provide a compelling investment opportunity for the Russian prepaid and loyalty market”.
Marina Treshova, CEO of Fastlane Ventures, says: “The decision of investors to support a new round of funding to IQcard during this economic downturn is a validation of the business model and strategy. The market of cashless financial services is very promising, and we believe that with its innovative technologies and partnerships with major players, IQcard will continue to lead this market".
