Net Element, an international technology-driven
company focused on mobile payments and transactional services in emerging
countries and the United States, recently revealed that Alfa-Bank, Russia’s
largest private bank, has renewed and increased the credit facility of its
Russian subsidiary, TOT Money.
The increased financing from 300 million
Russian rubles to 415 million Russian rubles (an estimated USD $11 million
addition at the time of exchange) improves the company’s liquidity position as
well as its ability to invest in growth opportunities. The additional credit
will allow TOT Money to speed up its growth efforts in Russia and further
revolutionize the country’s transactional service market. It will support the
company as it evolves and expands its service offerings and operations in Russia
and the Commonwealth of Independent States (CIS). The $11 million credit
facility will also provide the subsidiary with the financial resources it needs
to attract top customers and to continue to build upon its state-of-the-art
platform for mobile commerce, direct carrier billing and payment processing.
TOT Money entered into a previous financing
agreement with Alfa-Bank in September of 2012. That agreement was for 300
million Russian rubles or approximately USD $9.8 million at the time of the
agreement, and expired in May 2014 by which time TOT Money had fully repaid the
loan using its working capital. In keeping the terms of this agreement, TOT
Money further strengthened its working relationship with Alfa-Bank, an
important lender with significant knowledge of the transactional services
market in Russia and the CIS region.
Net Element owns and operates the TOT Group of
Companies, which includes: TOT Money; Unified Payments, a fast-growing company
in America; and Aptito, a next generation cloud-based point of sale payments
platform. Together with these subsidiaries, Net Element endeavors to add value
to mobile commerce and e-commerce environments.
For more information, visit www.netelement.com
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