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Russian Instant Payment Providers Merged

Files under: News
Posted by: Quintura @ 20:58 [29. 07. 08]

The newly-formed OE Investments has become the leading instant payment processing company in Russia with 47% market share, reported Reuters. The company expects revenues of $200 million on $10 billion turnover in 2008, up from $7 billion in 2007.

OE Investments was created as a result of the merger of instant payment processing companies OSMP (QIWI brand) and e-port, mobile phone payment system Mobile Wallet, and ad agency Direct Contact. The company has 160 thousand points of sale including 90 thousand payment terminals across Russia. It also operates terminals in Kazakhstan, Ukraine, and other CIS countries and plans to grow in China where it started payment services in spring 2008.

The Internet investment group Digital Sky Technologies (DST), which owns majority of Russia’s leading web portal Mail.ru, received a blocking minority stake in OE Investments.

It is reported today by CNews that the private equity management company Mint Capital is looking to sell a 40% stake in instant payment provider Elecsnet. The company, which holds 6% market share, raised $10 million from Mint Capital in 2005 and an additional $2 million from Balderton Capital (formerly, Benchmark Capital Europe) in 2006. Elecsnet reported revenues of $25 million on turnover of $908 million in 2007.

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