Russian m-payment startup uBank secures USD 8m in funding

Ubank

Secured funding for expansion

Russian mobile payment startup uBank has secured USD 8 million from Runa Capital to expand its business beyond Russia and CIS. uBank is building a mobile payment service for individuals that allows them to pay bills and transfer funds directly from their phones or PCs.

uBank plans to use the funds to extend payment coverage to CIS countries and soon add international payments support, The Next Web reports. The company will also add new features such as paying for bills in cafes and restaurants, as well as P2P money loans, and plans to develop apps for both BlackBerry 10 and Windows Phone.

The application allows customers to attach several credit cards of different banks and use them as sources of funds. Users can charge their accounts from debit/credit cards for free, and start doing regular payments for mobile phones, internet, cable TV and whatnot from their mobile devices.

Launched at end-2012, uBank saw 250,000 app downloads on iOS and Android devices in the past two months. The uBank app comes pre-installed on all Samsung and Fly smartphones sold in Russia.

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