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Internet bank Ocean launches new $10m FinTech fund

0 2 June 2014

Russian internet bank Ocean has announced a new $10 million fund for FinTech projects.

The fund, which will invest up to $1 million in projects, will take on some characteristics of a corporate fund. It is aiming to invest in startups that can benefit the bank, its Robokassa payment system and other services. However, its primary goal is not to integrate portfolio projects into the Ocean Group. Instead it plans to invest in and exits from projects like a regular fund. 

Vladimir Grankin, a partner in the new fund and a member of Ocean Bank’s board of directors, told RusBase that the decision to form a fund was taken because of the wealth of interesting FinTech projects at the moment, both in Russia and other parts of the world. 

Grankin was keen to emphasise that the fund will not focus exclusively on Russian projects, but is ready to invest in startups from anywhere in the world if they meet Ocean’s requirements. He added that while $10 million is the target, the amount invested depends on the number of quality projects they can find. 

When asked to evaluate the FinTech venture sector in Russia, Grankin drew attention to the lack of competition between funds at early stages and pointed out that funds are more like to cooperate than to compete when making bigger investments. Accordingly, Ocean is also prepared to co-invest.


Top image via Shutterstock

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