Paradigm Investments and TA Ventures have participated in Series A funding for IQcard, {{{*}}}} a pre-paid card operator in Russia according to Invest-IQ.
IQcard is a Russian startup that allows people to purchase pre-paid cards for monetary transactions without the need to open a bank account. Founded in 2012 through the efforts of Fastlane Ventures, Direct Group and CEO Ekaterina Konovalova, IQCard seeks to replicate the success of similar companies like Green Dot and NetSpend, which currently do not operate in Russia. Customers can operate their accounts over the internet, and can use the card even for international transactions. The cards are available directly as well as through a network of sales partners such as X5 Retail Group, LeFutur and Interflora.
In this round of financing TA Ventures and Paradigm have joined forces with existing investors Direct Group and Fastlane Ventures to invest a combined USD2.5 mln in the startup company. The funds will be used to develop their internal customer resource management system and strengthen their market position through their partnership program and direct sales.
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