10 September 2020
The MTS company announces the corporate venture fund investment in the CoinKeeper company, the graduate of the fifth batch of the accelerator of the MTS StartUp Hub Center for Innovation and Investment. The size of the deal is 125 million rubles. We will structure it in several tranches.
We will direct investments to product development and launch in the European market. MTS Venture Fund will receive a minority stake in the project.
CoinKeeper is a mobile service for tracking personal finances, controlling expenses and savings. With the help of the service, users analyze expenses and revenues by specified categories, time intervals and other parameters, including importing transactions made using cards from Russian banks. CoinKeeper has over 350 thousand users.
“The CoinKeeper startup combines investment attractiveness for the MTS venture fund and strategic value for the company’s ecosystem. The startup has a thought-out business model, and has won the user trust among independent personal finance management services. We trust in the potential of CoinKeeper, so we invested in a startup,” commented Islam Midov, Head of the MTS venture fund.
“Personal finance management is an important part of the financial services development in the MTS ecosystem. The world is changing, clients face difficulties in analyzing expenses, managing investments and savings. CoinKeeper is already solving these problems. Soon, Russia will adopt a regulatory framework that will determine the implementation and the mandatory nature of open APIs, which will lead to the widespread use of solutions for personal finance management,” said Sergey Smirnov, Corporate Development Director of MTS Fintech.
“We perceive the round from the corporate venture fund MTS as smart money. The investments will help us develop the service, add new functions and enter the European market,” commented Ilya Chernetsky, co-founder of the CoinKeeper service.