The Russian-Belarusian Venture Investment Fund has invested 120 million rubles in APIBank.
The Russian-Belarusian venture capital fund became the first external investor of APIBank. As a result of the transaction, which was carried out in the form of a convertible loan, the startup received 120 million rubles.
APIBank creates embedded financial instruments, responding to business inquiries for complex, hybrid banking products of the next generation. Service aggregators, for example, need not only to open an account for performers, but also to register them as self-employed and ensure a secure transaction between them and the customer – and all this in their personal account.
APIBank standardizes the data exchange process between banks and non-financial companies. In fact, the platform becomes a “one window” through which not only a bank can work with different companies, but also companies with different banks through a single interface.
Mikhail Fedotov , director of the RVC Infrafund, a managing partner of the Russian-Belarusian Venture Investment Fund, said:
“Open Banking is a promising direction, a multiple increase in the share of services based on open baking standards in the total revenue of banks is expected. Foreign platforms have already attracted significant investments, according to expert forecasts, the revenue of this segment in 2022 will exceed $ 9 billion. I am sure that the Russian open banking market is now on the verge of explosive growth. This is largely facilitated by the initiatives of the regulator and the financial community. Despite the restrictions affecting the speed of making investment decisions this year, my Belarusian colleagues and I have successfully completed a deal with APIBank and are planning to close several more deals in the near future. “
Alexey Petrov, co-founder and CEO of the APIBank platform, said:
“We are very pleased to have a partner who shares our view on the development prospects of Banking-as-a-Service. The funds raised will be used to develop products for aggregator companies and marketplaces, and promote ready-made solutions for banks. “
