IQcard, a Moscow-based startup offering multifunction bank cards, has raised $3.7 million in a Series B round led by Kenges Rakishev, a prominent businessman from Kazakhstan. The startup’s valuation has not been disclosed.
Existing shareholders Fastlane Ventures and Direct Group have also participated in the round along with an unnamed “prominent Russian IT entrepreneur,” Fastlane’s press service announced. Meanwhile, Paradigm Investments and TA Venture, which took part in the previous round, have not been involved this time.
Inspired by the US company Greendot, IQcard was launched by Fastlane in March 2012. The startup offers prepaid bank cards operating on the MasterCard and Visa platforms and supported by several Russian banks. To date, more than 350,000 bank cards have been issued, Darina Guseva of Fastlane’s press service told East-West Digital News.
IQcard card holders may process payments and withdraw cash, receive discounts through loyalty programs, and benefit from special credit conditions. Many additional features are offered, including a software that enables consumers to monitor and analyze spending habits and transfer quickly money to other IQcard holders. Parents may even supervise their children’s transactions.
Earlier this year, the company teamed up with E5.ru, the online arm of Russia’s leading retailer X5 Retail Group, to offer IQcard users a 56-day credit of 30,000 rubles (approximately $1,000) at zero interest.
IQCard has also partnered with tour operator TUI, book shop network Respublika, and other companies.
Fastlane Ventures and Direct Group are Moscow-based investment companies controlled by French businessman Pascal Clément. One year ago, Rakishev invested $13 million in Fastlane Ventures.
This article originally appeared in East-West Digital News, our partner in Russia.