Net
Element builds shareholder value as a group specializing in mobile payments and
value-added transactional services in developing countries and the US. It has
recently announced that Alfa-Bank has increased Net Element’s Russian
subsidiary OOO TOT Money (“TOT Money”) credit facility 115 million Russian
rubles to 415 million (approximately $11 USD million at current exchange rate).
The financing facility, known to be Russia’s largest private bank, will support
the company’s pending growth stage and operations in Russia and the
Commonwealth of Independent States.
TOT
Money’s previous financing agreement with Alfa-Bank for 300 million Russian
rubles (approximately USD $9.8 million, at the time of the agreement), was
fully repaid with TOT Money’s working capital, in accordance with the terms of
the agreement.
Quoting
a representative at Alpha Bank, “We are pleased to extend this facility to TOT
Money. TOT Money continues to revolutionize the transactional service market in
Russia and we are pleased to support the company’s growth as it evolves and
expands its service offerings.”
Chief
Executive Officer of Net Element, Oleg Firer, underscored the importance of the
credit facility and having a healthy business relationship with Alfa. Mr. Firer
said, “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.” Commenting further, “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.”
Net
Element is a technology-driven group specializing in mobile payments and
value-added transactional services. The company owns and operates TOT Group, a
global mobile payments and transaction processing provider; Unified Payments,
an award winning payment solution provider; Aptito, a next generation
cloud-based point of sale payments platform which manifests itself in the form
of digital menus and kiosks in restaurants; and TOT Money – a company that has
been ranked as the #1 SMS content provider by Beeline, Russia’s second largest
telecommunications operator.
For
more information on the company, visit www.netelement.com
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MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.
Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
