Finstar to invest $150m in Fintech
Russia-based Finstar Financial Group is set to invest $150m in new financial technology startups over the next five years.
It is part of a commitment to expand and improve its Fintech offering.
The private investment group will also invest in research and development (R&D) within the Group’s portfolio companies.
Oleg Boyko, Finstar chairman, said: “We will finance direct investment in startups, contributions to SMEs, and research and development of cutting-edge Fintech within our own companies. As far as the startup component is concerned, we are targeting three to six deals per year, in the seed to Series A rounds, typically ranging from $500,000 to $30m.
“Our R&D investment is about pushing financial technology further and leveraging that innovation across our already strong Fintech portfolio. This means that – beyond our financial commitment to the sector – the businesses we work with benefit from the strength of our technical resources and the depth of our expertise.”
Finstar has started strategic cooperation with European Fintech companies Spotcap, Euroloan, Viventor and Rocket10 over the past two years. It has also expanded its collaboration with Fintech entrepreneurs through FinstarLabs.