N 25 February 2013

Runa Capital invests $8 m in mobile payment service

Runa Capital venture fund has sealed the biggest deal in its history, investing $8 m in uBank, a mobile payment service system. Details on Runa's share in the project were not made public, but it is likely to be a minority stock. uBank stated it would spend the raised money on the service's further development in Russia and neighbouring nations.

uBank is a service allowing users to connect multiple banking cards to a mobile application for making payments, with no commission charges. uBank subscribers can also transfer money to other users' card accounts.

The app is currently available for iOS and Android platforms, and a Windows Phone version is planned for later release. In a few months, uBank app saw about 250,000 downloads, and it is pre-installed on Samsung and Fly devices.

Runa Capital has previously invested in may successful services. Lat week, the fund received "Investor of the Year" award from The Next Web, having funded four out of six winners of Russian Startup Awards 2013 winners.