Russian mobile payments startup 2can raises $5 million in funding

Russian mobile payments startup 2can has attracted $5 million from investors led by InVenture Partners. 2can technological solution consists of mobile applications for iOS and Android, and a card reader attached to a mobile device. Collectively, it allows any store or restaurant to use your smartphone or tablet as a terminal for receiving payments with Visa and MasterCard. 2can analogue service in the U.S. is the company Square, which during the last round of investment was estimated at $ 5 billion.

Russian mobile payments startups 2can similar in operation to Square and iZettle (accepts payments from Visa and MasterCard cards through a mobile card reader connected to a smartphone) has raised a $5 million Series B round of funding led by InVenture Partners with participation by Almaz Capital Partners and ESN Group. The cash will be used to integrate with leading Russian banks and accelerate the product. The company claims that its revenue increased 500 times in 2013, with the number of transactions made through 2can terminals increasing 200 times over the same period – though with now actual figures these numbers should be taken with a grain of salt.