Today after the closing bell, Net Element
announced that Alfa-Bank, Russia’s largest private bank, renewed and increased
the company’s Russian subsidiary OOO TOT Money (“TOT Money”) credit facility
from 300 million Russian rubles to 415 million Russian rubles (approximately
USD $11 million at current exchange rate).
This financing will support the company’s next
stage of growth and operations in Russia and the Commonwealth of Independent
States. Notably, the previous financing agreement was fully paid, using TOT
Money’s working capital, in accordance with the terms of the agreement.
Oleg Firer, CEO of Net Element, stated,
“Alfa-Bank understands our Company and its mission and this allowed them to
structure the new credit facility to facilitate the continued growth of TOT
Money’s business. This financing significantly heightens our liquidity position
and enhances our ability to invest in growth opportunities in the region. We
value having a lender with deep knowledge of the transactional services market
and CIS region.”
For more information on the company, visit
www.netelement.com
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