Russian m-banking start-up Rocketbank collects $2m

3 October 2013

Rocketbank, a Russian mobile banking start-up firm, has raised $2 million in funding from venture capital firm Runa Capital.

The company is not strictly a bank and instead offers a mobile front-end for customers. It is currently partnering with Intercommerz Bank in Russia to enable transactions and store customer accounts.

Customers receive a platinum Visa debit card and use an iPhone app to do all their personal banking. The application also allows people to send money to contacts using a mobile number or e-mail address, without the need for full account details.

TechCrunch reports the firm will use the new funding for app development and move into new European markets as it attempts to boost its userbase into the tens of thousands in 2014.

Ilya Zubarev, senior partner, told the news provider: "Runa Capital invests in technology projects that can compete in global markets. Rocketbank is exactly such a company with a strong team, innovative approach to banking and its own philosophy of service."

By Gary Cooper

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