Stockholm, 2015-09-08 08:00 CEST (GLOBE NEWSWIRE) --
Vostok Emerging Finance (VEF) today announces its agreement to invest into two of Russia’s more innovative and fastest growing fintech companies by taking a 12.5% stake in each of REVO and Sorsdata for a total amount of 2.5 MUSD, with a view to increasing that stake to 25% by YE15. REVO and Sorsdata are related businesses.
REVO is a first mover in Russia to leverage mobile internet and latest cloud technologies to deliver instant store finance services for leading merchants and health services providers in small ticket categories, segments with over USD 100 Bn of annual sales. Operating since 2012, today, REVO has a proven business model, outstanding team and track record in execution; focus now is on next stage of scale up.
REVO’s sister company, Sorsdata, seeks to leverage proprietary customer data and advanced digital marketing technologies to deliver personalized marketing services for merchants. This is a domain that is deep in developed markets but is only early stages in Russia and Sorsdata is well placed to be a market leader in this growth segment.
Vostok Emerging Finance Managing Director Dave Nangle comments:
“We are very excited to announce Vostok Emerging Finance’s first investments since its split and separate listing from Vostok New Ventures earlier this summer. The investment in REVO & Sorsdata fits with our investment remit, as well as our focus to invest in strong management teams as much as strong scalable concepts. We look forward to working with and supporting the company in the years to come.”
Vostok Emerging Finance is an investment company with the goal of investing in early stage modern financial services companies across emerging and frontier markets. VEF trades in Sweden on Nasdaq First North under the ticker VEMF SDB.
Vostok Emerging Finance’s Certified Adviser on Nasdaq First North is Pareto Securities AB.
Dave Nangle, Managing Director
For further information please contact:
Björn von Sivers, Investor Relations, Tel +46 (0)8 545 015 50
